How we designed better banking for you.

Banking is serious business, and we made sure to obsess over every single thing that makes up the richest banking experience for your startup.

Air-tight compliance via regulated partner banks.

Working with deposit-insured and CBN-licensed banks gives us easy access to how banking works today, allowing us to focus on building better banking for you and thousands of other businesses.

Here’s how we chose our banking partners:

  1. Banking institutions that are registered in Nigeria, deposit-insured and are duly licensed by the CBN to carry our banking operations.
  2. Flexible and reliable infrastructure to make sure you don’t experience incessant downtimes while banking with us.
  3. Strong financial health, and air-tight settlement & reconciliation processes.

We work with 3 partner banks:

  1. Bloc Microfinance Bank (Bloc MFB): This is our primary banking partner, owned by us, BlocHQ Limited.
  2. Providus Bank: This serves as our backup banking partner for our banking and banking infrastructure services.
  3. WEMA Bank: This serves as a second backup banking partner for our virtual accounts services.
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It all starts with banking.
The foundation of your entire Bloc experience is your bank account.

Our direct partnership with these banks provide you with stability and security regardless of how unstable your industry might be.
Your funds are deposit-insured.
We do not touch customers’ funds. It is as simple as that.

All deposited funds are insured by the Nigeria Deposit Insurance Commission (NDIC) as required by the Central Bank of Nigeria (CBN).
Global growth and expansion.
As we expand to more countries globally, our partners in each operational country will also be deposit-insured and fully licensed by the apex banking institution of that country.

Proprietary & aggregated banking infrastructure.

On top of our banking licence, we built a seamless banking technology to power all of our banking & payment services. Additionally, we also aggregated secure third-party infrastructure to grow the services you can enjoy on the Bloc app.

We work with 3 third-party partners:

  1. GPay Instant Solutions Ltd.: Our online payments are powered by a PSSP licence owned by GPay, a subsidiary of Bloc HQ Ltd.
  2. Sudo/Safehaven MFB: Our Naira & Virtual cards are issued in partnership with Sudo, powered by Verve and Mastercard, respectively.
  3. Nigeria Interbank Settlement System (NIBSS): This is the central switch for processing near-instant bank transfers in Nigeria via the NIBSS Instant Payment (NIP) infrastructure.
  4. E-Top Limited: Our POS Terminals are powered by a PTSP license owned by E-Top Limited, a leading payments solution provider in Nigeria.
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Reliable banking infrastructure.
We have 100% control over our connection to the pre-existing banking network, allowing us to offer a consistent and satisfying banking  experience to you.
Close third-party partner relationships.
We always look for new ways to improve how we work with our partners.

This leads to a collaborative culture of innovation and development that trickles down to increased reliability for you, the customer.

Deep, advanced security to protect your money.

Our goal is simple — disappoint all bad actors who attempt to steal your money. Our security tech is compliant to the highest standards of global FinTech and information tech security.
  1. PCI-DSS Compliant: This means our system is globally certified to securely process credit and card payments for you.
  2. ISO 27001 Certified: This certifies our system as being up to date with the global best practices for information security.
  3. NDPR Certified: This certifies our system and processes as compliant to Nigeria’s Data Protection laws. This means your privacy is not taken for granted.
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Strict anti-money laundering rules.
We have implemented strict AML and anti-terrosim financing rules that monitors all transactions happening on the Bloc infrastructure.

The system proactively flags any suspicious transaction activity that seem even slightly out of the norm.
Fraud transaction monitoring
We have partnered with multiple global leading fraud prevention services, and embedded them within our infrastructure to fish out bad actors as securely as possible.

Bespoke financial and operation tools.

Once we sorted out the foundation, we turned our attention to going the extra step for you. Beyond the basic banking functionalities, you are able to:

  1. Create sub-accounts and corporate cards for teammates in your company.
  2. Assign roles and permissions, controlling who does what on your Bloc workspace.
  3. Generate account statement, schedule one-time or recurring transfers, make bulk payments to up to 1,000 recipients.
  4. Monitor audit logs, see a report overview, and track all transactions from one Dashboard.
  5. Use prebuilt UIs to create accounts and cards for your customers leveraging on our existing banking infrastructure.
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Don’t worry. We beefed up security.

This is real money, and we don’t take it lightly. We’ve taken strict measures to ensure that your money and connection is protected in the best way possible.
How we handle security
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Start with a Bloc business account.

Whether you need simple banking and payment features or advanced functionalities, Bloc offers simple and reliable banking services as you scale.