OurPass is changing the way business owners and entrepreneurs experience banking by building a bank that offers businesses a more convenient, affordable, and tailored experience.
Nigeria is one of the fastest-growing economies in Africa, with a young and industrious population, leading to a surge in micro, small, and medium enterprises (MSMEs) comprising 96% of all businesses in the country. However, it can be challenging to start and grow a successful business in Nigeria despite its potential. That’s why 80% of businesses fail or shut down in the first three years.
OurPass is playing an important role in ensuring that MSMEs reach their full potential by addressing the significant challenges they face, which are access to funding and tools to help them manage their business efficiently.
Challenges facing business banking
When starting a business, owners typically look to provide customers with the best products and services in the simplest and fastest way and at the lowest cost. On the other hand, there are a few things customers look out for. In addition to good offerings, they check how credible the business is. They also expect high-speed services, seamless touchpoints, and modernised methods.
Business owners look to their banks to provide them with the right tools to ensure they carry out operations smoothly and provide a great experience for their customers. But for many banks, their processes are cumbersome and do not favour many business owners, especially as business needs differ.
For businesses looking to scale, access to affordable financing is one of their biggest challenges. Many lenders prefer to deal with established firms. One of the reasons is that poor record keeping and lack of structure, which are peculiar to growing businesses, make it harder to ascertain their creditworthiness.
Start, grow, and scale your business with OurPass.
What distinguishes OurPass is that it is the digital bank dedicated to businesses, especially small and medium-sized businesses, mom-and-pop shops, and entrepreneurs just starting out or looking to scale. OurPass has developed an array of services that make banking easier for them and help tackle the challenges that threaten their existence.
Starting with the issue of credibility, which is paramount for MSMEs, OurPass has removed the hurdles associated with getting a bank account in your business name, making their business more appealing to customers and investors. With OurPass, business owners can separate their personal and business finances and get a free business bank account to accept payments instantly.
OurPass also offers an array of fast payment channels, including reliable and easy-to-use POS machines. Beyond accepting local and international card payments, these terminals accept transfers, pay utility bills, and print receipts, helping businesses cater to a broader customer base.
With OurPass, everything happens in minutes, even getting access to funding. OurPass brands itself as the bank with the lowest business loan interest rates of 2% of up to N100,000,000 disbursed within minutes to help businesses start or scale.
Business owners using OurPass also enjoy simple and smart tools that they can use to carry out daily operations – from free invoice generators that make payments faster and also keep a record of transactions to team management tools that simplify task management, and sub-business tools that help owners manage multiple outlets, tills, or employees in one place and in real-time. It’s a complete business banking package.
In addition, OurPass also offers many unique perks. Business owners and individuals can get up to 15% interest on earnings when they opt for a fixed deposit account. They also get access to Overdrafts, so they never have to worry about low funds.
The challenges that businesses face are not new. OurPass acknowledges them and provides solutions that encompass the entire spectrum of business banking needs.
OurPass is trusted by businesses like Cold Stone, Dominos, Filmhouse, Payporte, Shoprite, Medplus, Flutterwave, and more. It caters to a wide range of industries, including food and beverage, retail, fashion, beauty, wellness, and lifestyle brands.
About OurPass
OurPass is a neo-bank built for businesses. With OurPass, business owners have all the tools to start, grow, and scale. You can open a business bank account in minutes, secure quick-pay business loans of up to N100,000,000 at 2% interest, and grow your savings with 15% interest on fixed deposits. You can also access tailored tools that tackle many business challenges and simplify operations all in one app. To get started with OurPass, download the app on Google Play and App Store. OurPass is fully licensed by CBN, and deposits are insured by NDIC.