Bloc MFB, a subsidiary of BlocHQ Limited, has gained CBN approval in principle to start operations in Lagos, Nigeria. Edmund Olotu, CEO and co-founder, verified this milestone in a business statement.
Bloc MFB can collaborate with the Corporate Affairs Commission (CAC) and complete its Microfinance Bank license application with CBN approval-in-principle. Bloc’s financial services journey has advanced with this development.
After meeting all regulatory requirements, the CBN gave us the go-ahead to complete the licence purchase procedure.
The license marks a milestone for Bloc Microfinance Bank, which will revolutionize banking with cutting-edge technology and compliance.
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Bloc MFB to expand financial services
Bloc has provided proprietary banking services since January 2021, providing a banking-as-a-service infrastructure to embed banking and payment services into applications seamlessly. The company has launched a private beta business banking offering for existing customers to improve accessibility.
Bloc worked with regulatory authorities to secure its banking licence through Bloc Microfinance Bank to ensure compliance and high-quality banking services. The achievement of this milestone indicates Bloc’s compliance with all regulations and preparedness to advance to the final licencing phases.
Bloc’s banking infrastructure can now do more thanks to the MFB licence, which lets them give out unique virtual account numbers with advanced features that can be used in various ways. Fund transfers into and out of virtual bank accounts will be revolutionised by this improvement, improving clients’ banking experiences.
A savings insurance plan from the Nigeria Savings Insurance Corporation will cover all virtual bank accounts under Bloc MFB. The business stresses its dedication to following all the rules and works together with the CBN and other regulatory bodies to do so.
“As a financial technology company, Bloc, this achievement sets the right tone and positions us for global success,” Edmund Olotu said with optimism.
Despite this achievement, Bloc remains committed to fostering its current relationships with Tier-1 partner banks, providing more integration choices for virtual account services to engineering teams and startups.
As the licencing process ends, Bloc promises that all stakeholders will be informed of any changes or improvements to its goods and services.
What happened at this critical point shows that Bloc Microfinance Bank is dedicated to supporting new ideas in financial technology while following the rules and giving its customers a safe and easy banking experience.