Kuda Bank Receives CBN License for Physical Banking Operations in Nigeria
Kuda Bank has received approval from the Central Bank of Nigeria to transition from a digital-only entity to a physical banking operation. This new license allows Kuda Microfin Bank to establish customer experience centers in multiple states across Nigeria, moving beyond its previous geographical restrictions.
The bank's Managing Director and Chief Executive Officer, Musti Mustapha, described the license as a strategic move to deepen the institution's relationship with regulators while maintaining its identity as a digital-first bank. The license aligns Kuda with the regulatory framework for microfinance banks, enhancing compliance and scalability.
Despite the physical expansion, Kuda reassures customers that its current digital services will remain accessible alongside the new physical touchpoints. This development reflects a broader trend in Nigeria's fintech sector, signaling a shift towards hybrid financial institutions with nationwide reach and stronger regulatory support.
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