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Personal Banking

Personal banking

Power your business with banking solutions

PRODUCTS

Savings

Power your business with banking solutions

Cards

Power your business with banking solutions

Interest

Power your business with banking solutions

Your personal banking, simplified

Business Banking

Business banking

Power your business with banking solutions

PRODUCTS

Payments

Send, receive, and manage all your payments, anytime, anywhere

Team management

Send, receive, and manage all your payments, anytime, anywhere

Inventory financing

Send, receive, and manage all your payments, anytime, anywhere

POS terminals

Send, receive, and manage all your payments, anytime, anywhere

Invoices

Send, receive, and manage all your payments, anytime, anywhere

Tools to drive every part of your business

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WELCOME

OurPass Crisis Response - Stakeholder FAQs

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Customers

1. Are my funds safe and accounted for?

Yes. All customer funds are held in segregated accounts within OurPass Microfinance Bank. Balances are reconciled daily and overseen by our internal risk and compliance team, with progress shared weekly with regulators.

2. When will I be able to withdraw my money?

We began clearing withdrawals in August, prioritizing the oldest requests first. All backlog withdrawals will be fully cleared by September 20, 2025.

3. What caused the withdrawal delays?

4. How do I know you're telling the truth about fund safety?

Funds are held in segregated accounts, reconciled daily, and monitored by our internal risk and compliance team. Weekly progress reports are also shared with regulators, providing independent oversight.

5. Will I be compensated for the inconvenience and delay?

If any discrepancies are identified, we will correct them immediately and make customers whole. Our commitment is that no customer suffers financial loss as a result of operational challenges.

6. How can I stay updated on the situation?

Customers can request progress updates directly, and weekly updates are being shared with regulators until full backlog clearance.

7. What guarantees do I have that this won't happen again?

We have fixed the migration-related issues and implemented both technical and process controls to prevent recurrence. Daily reconciliations, stronger governance, and risk oversight are now in place.

8. Can I still make deposits and transactions?

Yes. OurPass Microfinance Bank remains fully operational. Customers can continue to deposit, transfer, and transact while backlogs are being cleared.

9. Who is overseeing the resolution process?

The process is managed by our internal risk and compliance team, with weekly updates provided to regulators for independent oversight.

10. What legal recourse do I have if my funds aren't returned?

We are confident in our ability to resolve all withdrawals by September 20, but customers retain all legal rights. Regulators are actively monitoring our progress.

Partners

1. How does this situation affect our partnership and risk exposure?

Customer funds are now fully segregated with enhanced daily reconciliations. This reduces operational and counterparty risk.

2. What governance improvements are being implemented?

We are strengthening governance with independent oversight committees in Audit & Risk, Compliance & Ethics, and Credit.

3. How are you ensuring regulatory compliance going forward?

We provide weekly updates to regulators and have implemented strict controls over fund segregation, reconciliations, and oversight.

4. What was the root cause of the control failures?

The withdrawal delays were caused by technical challenges during our core banking migration. These have been addressed with new safeguards.

5. How will the independent audit affect our due diligence requirements?

Our structured repayment schedule and independent reconciliations provide assurance for partner risk assessments.

6. What impact will this have on OurPass's business model and growth plans?

The strengthened systems and governance create a stronger foundation for scaling our FMCG value-chain banking model sustainably.

7. How are you managing reputational risk during this period?

We maintain transparency with all stakeholders and provide progress updates upon request to customers and partners. Our commitment to verifiable actions over words demonstrates accountability.

8. What assurances can you provide about management capability?

We're implementing comprehensive people and culture improvements including listening sessions, refreshed collaboration norms, and enhanced performance management. This addresses both systems and leadership capability.

9. How will this affect your ability to meet contractual obligations to us?

Customer fund segregation and the systematic withdrawal clearance process ensure we can meet our obligations. The independent oversight provides additional assurance of our operational capability.

10. What ongoing reporting will you provide about remediation progress?

We're providing weekly progress reports to regulators and can provide progress updates upon request to key banking partners and customers as needed.

Employees

1. Is my job secure during this crisis?

Yes. We remain committed to building OurPass as a place where top talent can thrive.

2. How will this situation affect my compensation and benefits?

All salaries and benefits remain a priority for OurPass and are being managed from segregated operational accounts. Our commitment is that compensation will continue to be met in full and on time, and benefits will not be compromised.

3. What changes should I expect in day-to-day operations?

Enhanced reconciliations, stricter oversight, and refreshed collaboration practices are being rolled out.

4. Will there be layoffs as a result of this situation?

No mass layoffs are planned. Some restructuring may occur, but our focus is on retaining and supporting key talent.

5. How will the company culture change going forward?

We are introducing company-wide listening sessions, transparent performance management, and stronger governance to create accountability and psychological safety.

6. What role will employees play in the recovery process?

You'll be integral to implementing improved systems and processes. The listening sessions and collaborative approach to organizational changes ensure your voice is heard in shaping our path forward.

7. How will leadership accountability be addressed?

We're implementing governance expansion with independent directors and committees (Audit & Risk, Compliance & Ethics) to strengthen oversight. This provides external oversight of leadership decisions and ensures accountability.

8. What support is being provided during this stressful period?

We're committed to maintaining a psychologically safe environment during organizational changes and are implementing fair, transparent performance management approaches that support both individual growth and accountability.

9. How will this affect our ability to attract and retain talent?

We're committed to making OurPass a place where people can innovate, have real impact for customers, and grow professionally. The governance and culture improvements position us for stronger talent attraction and retention.

10. What opportunities for professional growth will emerge from this situation?

The systematic improvements to governance, controls, and culture create opportunities to build expertise in enhanced operational frameworks and to contribute to building a more resilient, mature organization.

Investors

1. What is the financial impact and are customer funds really safe?

Yes. Customer funds are fully segregated, reconciled daily, and all backlog withdrawals will be resolved by September 20, 2025.

2. How does this affect the company's valuation and future funding prospects?

While near-term growth slowed, the strengthened governance, new executive leadership, and secured ₦22B facility position us for sustainable growth.

3. What governance improvements justify continued investor confidence?

Independent oversight committees in Audit & Risk, Compliance & Ethics, and Credit are being added, along with seasoned executive hires.

4. How will this impact the company's growth trajectory and business model?

The system migration bug has been fixed with technical and process controls implemented to prevent recurrence at a 99.9% confidence level. Our focus is on strengthening trust by ensuring controls, culture, and customer experience are second to none, creating a stronger foundation for sustainable growth.

5. What is management's plan for rebuilding stakeholder trust?

We've committed to verifiable actions including independent verification, regulatory engagement, transparency through progress updates available upon request, and comprehensive governance improvements. Trust will be earned through demonstrated results, not words.

6. How are you ensuring this type of operational failure doesn't recur?

The system migration bug has been fixed with technical and process controls implemented to prevent recurrence at a 99.9% confidence level. Additionally, we have segregated customer funds, daily reconciliations verified independently, enhanced governance structure with independent directors and committees, and improved culture and performance management.

7. What is the timeline for full resolution and return to normal operations?

Our repayment schedule began in July 2025, prioritizing the oldest requests first. All backlog withdrawals will be fully cleared by September 20, 2025. Governance and culture improvements are ongoing and will be completed within the next 60 days, ensuring OurPass is positioned for long-term stability and growth.

8. How does this affect regulatory relationships and compliance status?

We will proactively update the Central Bank of Nigeria and committed to providing them with weekly progress reports until all withdrawal backlogs are cleared. By implementing segregated customer accounts, daily reconciliations, and stronger governance structures, we are aligning even more closely with regulatory expectations. These steps demonstrate our commitment to compliance and should strengthen our long-term relationship with regulators.

9. What key performance indicators will demonstrate successful resolution?

Key metrics include: repayment progress (updates available upon request), independent verification completion and customer-facing statement, successful implementation of governance expansion, and regulatory relationship stability.

10. How will you prevent similar crises while scaling the business?

The system migration bug has been fixed with technical and process controls implemented to prevent recurrence at a 99.9% confidence level. The enhanced governance structure with independent directors and committees, improved control systems, culture investments, and commitment to ensuring operational capabilities match growth ensure we can scale responsibly while maintaining stakeholder trust.

Regulators

1. What steps have been taken to protect consumer interests?

Funds are fully segregated within OurPass Microfinance Bank, reconciled daily, and monitored by our internal risk and compliance team. Regulators are receiving weekly updates.

2. How are you ensuring compliance with regulatory requirements going forward?

We're implementing governance expansion including independent directors and committees (Audit & Risk, Compliance & Ethics) to strengthen oversight. We've also committed to weekly progress reporting to your office.

3. What caused the withdrawal delays?

Technical challenges during our core banking migration earlier this year. These have since been resolved.

4. How will the independent audit provide regulatory assurance?

Customer balances and flows are being reconciled daily within OurPass Microfinance Bank, with oversight from our internal risk and compliance team. In addition, weekly reports are being shared with regulators to provide independent visibility into progress. Once the repayment backlog is cleared on September 20, 2025, a customer-facing verification summary will be published to confirm that all obligations have been met.

5. What ongoing reporting and transparency will you provide?

Weekly reports are being submitted to regulators until the backlog is fully resolved.

6. How does the governance upgrade address regulatory expectations?

The governance expansion with independent directors and committees (Audit & Risk, Compliance & Ethics) to strengthen oversight aligns with regulatory expectations for financial services companies and provides appropriate oversight of management decisions.

7. What consumer protection measures are being implemented?

Funds are segregated, reconciliations are reviewed daily, and repayment is scheduled for full clearance by September 20, 2025.

8. How will you demonstrate sustainable operational improvements?

The system migration bug has been fixed with technical and process controls implemented to prevent recurrence at a 99.9% confidence level. Additionally, the combination of enhanced control systems, daily reconciliations verified independently, governance expansion with independent directors and committees, culture improvements, and transparent performance management creates a comprehensive framework for operational excellence and regulatory compliance.

9. What is your timeline for achieving full regulatory compliance?

Immediate protections are already in place, including the segregation of customer funds, daily reconciliations, and oversight by our internal risk and compliance team. Full backlog clearance is targeted by September 20, 2025, after which a customer-facing verification summary will be published. Governance improvements, including the formation of independent oversight committees, are being implemented over the next 60 days. Weekly reporting to the Central Bank of Nigeria provides regulators with continuous visibility into our compliance progress.

10. How will you prevent similar issues during future growth phases?

The system migration bug has been fixed with technical and process controls implemented to prevent recurrence at a 99.9% confidence level. The enhanced governance structure with independent directors and committees ensures operational capabilities match growth ambitions, while improved culture and transparent performance management systems create accountability for maintaining control standards as we scale.

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