For over two years, Eze Samuel, CEO of OurPass Microfinance Bank, urged an X user @Abisolabrand to open an account with his bank. Mid-2024, in a gesture of support for Samuel’s business, Abisola finally agreed.
This was not an investment, loan, or money-doubling scheme, it was a standard deposit, subject to the same charges and conditions as any commercial bank. Abisola rarely made withdrawals, which inadvertently hid the bank’s worsening liquidity problems.
The Shock in November
In November 2024, while preparing for a business transaction, Abisola attempted to access the funds for the first time in months. Withdrawals initially worked sporadically but soon stopped entirely.
Repeated inquiries to Eze Samuel were met with reassurances that it was merely a “technical glitch” and that the issue would be resolved within days. Those days stretched into weeks, and weeks into eight months, with no resolution.
A Disturbing Discovery
Digging deeper, Abisola found that all funds had been withdrawn from the backend without authorisation. Conversations with other customers revealed that they, too, were unable to access their deposits, a pattern the bank appeared to be concealing.
Faced with over ₦23 million in frozen funds, Abisola joined others in filing petitions to the Central Bank of Nigeria (CBN), the Nigeria Deposit Insurance Corporation (NDIC), and the Economic and Financial Crimes Commission (EFCC). Public appeals were made to OurPass stakeholders urging them to intervene and compel Eze Samuel to release the funds.
The Bigger Picture: Trouble at OurPass
A thorough investigation into OurPass reveals that Abisola’s story is far from isolated.
- Shaky Foundations: Founded in 2020 as ParkCrowdy, OurPass pivoted to “one-click checkout” in 2021. Despite raising pre-seed funding, insiders claim adoption was minimal and the technology was more theoretical than functional.
- The Business Banking Pivot: In April 2023, OurPass rebranded as a business bank, offering accounts, POS terminals, and SME tools. Partnerships with Spar and Flutterwave either failed to scale or collapsed over alleged breaches.
- Toxic Leadership & Staff Exodus: Multiple ex-employees accused Eze Samuel of being unpredictable, verbally abusive, and controlling. Co-founders exited in 2022 and 2023. Salary delays, unclear layoffs, and a February 2025 ultimatum for unpaid work further destabilised the company.
- Customer Withdrawal Issues: Similar to Abisola’s case, many customers have been unable to withdraw their money for months, with little transparency from the bank’s leadership.
The Big Deal
Abisola’s situation underscores a deeper crisis at OurPass, one involving governance issues, failed pivots, and customer funds effectively held hostage. The bank’s public image as an innovative fintech contrasts sharply with accounts from customers and former staff, suggesting a company struggling to survive while its users bear the cost.
Next Steps for Victims
- Legal Action: Join with other affected customers to strengthen petitions and explore civil claims.
- Regulatory Pressure: Maintain pressure on CBN, NDIC, and EFCC to enforce consumer protection laws.
- Public Awareness: Continue sharing documented evidence of failed withdrawals to keep the issue in the spotlight.
At the heart of this crisis is a simple fact:
A customer trusted a licensed financial institution with their money, and now over ₦23 million remains locked away, while the explanations keep shifting. Until accountability is enforced, the promise of fintech innovation risks becoming little more than a slick cover for financial malpractice.
