We are very excited to announce that Bloc Microfinance Bank (Bloc MFB), a subsidiary of BlocHQ Limited, has been awarded an Approval-in-Principle by the Central Bank of Nigeria to launch its banking services in Lagos, Nigeria.
Since January 2021, Bloc has offered its customers proprietary banking as a service infrastructure, allowing them to plug and play banking and payment services into their applications. We’ve developed features for non-technical teams to experience everything you could do with the Bloc API, and very recently, we launched a business banking product in private beta to our existing customers.
In our commitment to compliance and delivering top-tier banking and infrastructure services, Bloc worked with the regulatory authorities to acquire its banking licence via Bloc Microfinance Bank. This milestone indicates that we have met all regulatory requirements and received the green light from the CBN to proceed with the necessary operations for finalizing the license acquisition process.
With an MFB licence, Bloc’s banking as a service infrastructure will be able to issue proprietary virtual account numbers with advanced features for several use cases and improve how you experience transfers in and out of your virtual bank accounts — allowing you to extend an all-improved banking experience to your customers.
All virtual bank accounts owned by Bloc MFB will be deposit-insured by the Nigeria Deposit Insurance Corporation, and we’ll continue to work closely with the CBN and other regulatory authorities to ensure that we are fully compliant every step of the way.
This sets the right tone for Bloc as a financial technology company and puts us on our path to global success.
Despite this achievement, we will continue to nurture our existing partnerships with our tier-1 partner banks. This gives startups and engineering teams more options when integrating our virtual account services into their businesses. As we conclude this process, we’ll communicate any changes/improvements we make to our products and services.
Thank you for your support and thank you for choosing Bloc.