Nigeria’s fintech landscape is evolving rapidly, and Kuda Microfinance Bank has just marked a major milestone. The Central Bank of Nigeria (CBN) has upgraded Kuda’s licence, granting it national microfinance banking status. This move officially allows Kuda to operate across all 36 states and the Federal Capital Territory, positioning it as one of the country’s leading nationwide digital-first banks.
Previously, Kuda operated under a unit microfinance licence, which limited its physical reach despite its mobile app already serving customers across Nigeria. With the new national licence, Kuda can now establish branches and customer experience centres anywhere in the country, giving its growing customer base more options for in-person support while maintaining its digital-first approach.
The CBN’s decision reflects a broader regulatory shift to align fintech authorisations with the reality of nationwide operations. By upgrading fintech players like Kuda, the regulator is promoting financial inclusion, consumer protection, and industry stability, ensuring that companies serving millions of users meet national compliance standards.
Alongside new operational freedoms, the national licence comes with higher capital requirements and stricter oversight. Kuda is expected to meet these obligations while continuing to innovate in digital banking, payments, and financial services for individuals and small businesses.
For Kuda customers, this development signals more accessibility, reliability, and convenience. The bank can now combine its digital capabilities with physical presence where needed, offering a hybrid model that strengthens trust and engagement across Nigeria’s diverse markets. This expansion is not just a win for Kuda — it represents a step forward for the country’s fintech ecosystem, demonstrating how digital banks can scale responsibly while driving financial inclusion nationwide.
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