By: Peace Udugba-The daily torch media
Kuda Microfinance Bank (Kuda MFB) has secured approval from the Central Bank of Nigeria (CBN) to operate as a National Microfinance Bank, paving the way for its expansion across the country.
The new licence allows Kuda MFB to establish a physical presence nationwide, lifting the geographic restrictions that limited its operations under the Unit Microfinance Bank licence it held until December 2025. With the national licence, the bank can now open customer experience centres in multiple locations across Nigeria.
Kuda MFB said the development aligns its operations with the Central Bank’s regulatory framework for microfinance banks and provides greater operational flexibility, while maintaining its digital-first banking model.
Despite the expanded physical reach, the bank stressed that it remains committed to delivering core digital services through its mobile app, including transfers, payments, savings, and access to instant credit for customers.
Speaking on the development, Managing Director and Chief Executive Officer of Kuda MFB, Musty Mustapha, described the licence as a significant milestone for the institution.
“Securing a national microfinance banking licence is an important step for us as a regulated institution. It strengthens our relationship with the Central Bank and affirms our commitment to operating at the highest standards of compliance as we scale,” Mustapha said.
He added that while Kuda remains digital at its core, the licence allows the bank to create more physical touchpoints for customers who prefer in-person support or engagement, enabling it to serve Nigerians more conveniently across the country.
Subject to regulatory approval, Kuda MFB plans to establish additional experience centres focused on customer support and community engagement. These centres will follow the model of the bank’s existing experience centre in Yaba, Lagos, where customers and members of the public can interact directly with the Kuda team to receive assistance and learn more about its products and services.
The bank noted that the national licence does not alter its existing products or transaction capabilities but provides the regulatory backing required for a broader nationwide presence.
