Financial shift, stuck assets, and the company's pursuit of a new chapter

In a series of unexpected events, Nigerian fintech startup OurPass finds itself embroiled in a financial controversy. On June 19, 2024, an unauthorized transfer of ₦25 million ($16,260) was made from OurPass's bank account at VFD Bank.

This transfer, made around 1 a.m., exceeded OurPass's single-transaction cap of ₦5 million ($3,250), raising immediate red flags. The transfers were made without authorization from OurPass's leadership, according to investigations.

Hencho Nwaegu, the former head of finance at OurPass, was allegedly involved in the unauthorized transfers. During a management meeting on June 19, 2024, Nwaegu accessed an email from the Central Bank of Nigeria (CBN), which may have facilitated the transfers. Nwaegu's phone buzzed with an alert showing his account had been accessed from the United States after he entered his login details.

Nwaegu was arrested by the police on June 26, 2024, in connection with the unauthorized transfers. However, there is no information available about any employee who left OurPass in 2024 and was subsequently suspected of fraud.

The customer whose funds were affected by these transfers is yet to regain access to her deposits. The conversations show ₦2.3 million ($1,500) in failed transactions not reversed and ₦21 million ($13,600) trapped in the account.

OurPass has gone through several pivots, including a transition from an online shopping platform to a "global bank for businesses," and later to personal banking. Despite these changes, the startup has failed to gain traction from business banking, and the drawn-out core banking migration suggests OurPass's problems run deeper than technology.

Between February and June 2025, CEO Samuel Eze repeatedly blamed "technical issues" for blocking the withdrawal of ₦23 million ($14,960) for over six months. By June, the customer's tone had shifted from pleading to confrontational after losing faith in Eze's repeated promises, accusing the company of fraud, and threatening to report to legal authorities.

Freezing customer accounts for months without a credible explanation points to solvency concerns and breaches both banking regulations and consumer protection laws. This situation underscores the importance of transparency and accountability in the financial sector, particularly in the rapidly evolving fintech industry.

As the investigation into OurPass's financial dealings continues, the startup faces scrutiny from regulators, customers, and the public. The outcome of this case could have significant implications for the Nigerian fintech industry and consumer trust in digital banking services.