Kuda Microfin Bank Expands Hybrid Banking Model with National License in Nigeria

Kuda Microfin Bank has secured a national banking license in Nigeria, transitioning from a unit microfinance bank license to a national license, valid until December 2025. This upgrade eliminates geographical restrictions, enabling Kuda to establish physical touchpoints nationwide.

Musti Mustapha, the Managing Director and Chief Executive Officer of Kuda Microfin Bank, emphasized the importance of the national microfinance bank license in aligning with regulatory frameworks and enhancing customer service. The license empowers Kuda to maintain its digital core while offering customers convenient banking services such as transfers, payments, savings, and instant credit through the Kuda app.

The bank plans to open experience centers designed to support community engagement and educate the public on its products and services. Despite the license upgrade, Kuda Microfin Bank's existing product offerings and transaction capabilities remain unchanged.

This move signifies Kuda's commitment to providing regulatory-backed services with a nationwide presence.