The Central Bank of Nigeria has granted an approval in principle to Bloc Microfinance Bank, marking its entry into the financial landscape. Previously operating as a financial technology services firm, Bloc has specialized in delivering payment solutions to its clientele.
Once fully operational, Bloc intends to introduce innovative services, including virtual account numbers and virtual debit cards, catering to the evolving needs of its customers.
Pascal Oparada, with over a decade of expertise spanning Tech, Energy, Stocks, Investments, and the Economy, reported the Central Bank’s issuance of this pivotal approval.
This approval positions Bloc Microfinance Bank to commence operations in microfinance banking services across Nigeria, pending the final green light from the apex bank.
Bloc Microfinance Bank (MfB) CEO, Edmund Olotu, highlighted the institution’s strategic leap into the realm of financial technology by announcing plans to issue virtual cards and account numbers. Olotu expressed confidence that this move not only establishes the new bank as a frontrunner in fintech but also charts a course for international triumph
The Central Bank of Nigeria (CBN) has granted an approval in principle to the promoters of a microfinance bank, Bloc, before its official incorporation. While this approval isn’t a license per se, it reflects Bloc’s commitment to collaborating with the CBN and typically paves the way for obtaining a full license. Once licensed, Bloc intends to introduce virtual account numbers equipped with advanced functionalities for its customer base.
A company statement highlighted that all virtual accounts under Bloc Microfinance Bank (MfB) will benefit from insurance coverage provided by the Nigeria Deposit Insurance Corporation (NDIC), ensuring added security for customers.
In August 2023, the fintech firm took significant steps by offering Application Programming Interfaces (APIs) tailored for businesses, facilitating the provision of banking and financial services to their clientele. Additionally, Bloc launched a business banking solution enabling enterprises to generate virtual naira and dollar cards, alongside establishing bank accounts for seamless transactions, both sending and receiving payments.