Kuda Microfinance Bank (Kuda MFB) has received approval from the Central Bank of Nigeria (CBN) to operate as a National Microfinance Bank, allowing the lender to establish a physical presence across Nigeria.
The new licence represents a shift from the Unit Microfinance Bank licence Kuda MFB held until December 2025, which restricted its physical operations to a single location. With the national licence, those geographic restrictions have been lifted, giving the bank the authority to open customer experience centres in different parts of the country.
According to the bank, the approval also regularises its licensing status in line with the Central Bank’s framework for microfinance banks and provides more operational flexibility as it continues to scale its services nationwide.
Kuda MFB said the national licence does not signal a move away from its digital-first model. The bank explained that it will continue to prioritise digital banking services, enabling Nigerians to make transfers, payments, save money, and access instant credit through the Kuda app.
Reacting to the development, the Managing Director and Chief Executive Officer of Kuda MFB, Musty Mustapha, said, “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. While we remain digital at our core, this licence gives us the flexibility to create more physical touchpoints where customers want in-person support or engagement, allowing us to serve Nigerians across the country in whichever ways are most convenient for them.”
Subject to regulatory approval, Kuda MFB said it plans to open more experience centres focused on customer support and community engagement. These centres will follow the model of its existing experience centre in Yaba, Lagos, where customers and the general public can speak directly with the Kuda team to get help and learn about the bank’s products and services.
The bank added that the national licence does not change its existing product offerings or transaction capabilities but provides the regulatory backing needed for a nationwide physical presence.
