The Central Bank of Nigeria has granted Bloc Microfinance Bank an Approval-in-Principle to operate in Nigeria.
With the approval, Bloc Microfinance Bank, a subsidiary of Nigerian fintech startup, Bloc, now has the license to launch its banking services in Lagos, the country’s commercial capital.
“This sets the right tone for Bloc as a financial technology company and puts us on our path to global success.” Edmund Olotu, founder and CEO of Bloc said.
After receiving an application for a licence, the CBN of Nigeria awards an AIP to a proposed microfinance bank within a span of three months.
An AIP, however, is a requirement for forming a microfinance bank at the Corporate Affairs Commission; it is not the same as a licence. A final operating licence will be granted once the incorporation procedure has been successfully completed.
Bloc’s banking as a service infrastructure will be able to provide exclusive virtual account numbers with an MFB licence, enabling the startup to provide its customers with an entirely enhanced banking experience.
Bloc declared in August that it is a full-service commercial bank for all firms, offering API infrastructure for some of them and that it is not only an infrastructure company.