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Bloc MFB Receives Central Bank's Approval to Launch Banking Services in Lagos 🇳🇬
Bloc Microfinance Bank, a subsidiary of Nigerian fintech startup Bloc, has received an Approval-in-Principle from the Central Bank of Nigeria, signaling its readiness to introduce innovative banking services in Lagos. Although not a final license, this achievement is a crucial step toward incorporating the microfinance bank. Bloc aims to enhance user experience by issuing advanced virtual account numbers and ensuring deposit insurance through the Nigeria Deposit Insurance Corporation. The fintech, integrated into the Nigeria Inter-Bank Settlement System, plans to expand its presence across top-tier banks in the country. Bloc's recent focus on business banking services and strategic acquisitions positions it as a transformative force in Africa's financial landscape. 💼🔗
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