Kuda Microfinance Bank has announced plans to combine its technology-driven banking model with physical customer touchpoints nationwide following the approval of its new national operating licence.
In a statement released on Friday, the bank confirmed that the Central Bank of Nigeria (CBN) has upgraded its licence from a unit microfinance bank to a national one. This regulatory milestone allows Kuda MFB to establish a physical presence in different parts of the country, expanding beyond the geographical limits imposed by its previous licence, which restricted in-person operations to a single location.
With the national licence now in place, Kuda MFB is permitted to set up customer experience centres across Nigeria. The upgrade also aligns the bank’s operations more fully with the CBN’s regulatory framework for microfinance institutions, providing a stronger legal and operational foundation as the bank continues to grow.
Commenting on the development, Kuda’s Managing Director and Chief Executive Officer, Musty Mustapha, described the licence as a significant step in the bank’s evolution. He noted that it reinforces Kuda’s relationship with the regulator and underscores its dedication to meeting high standards of governance and compliance while scaling its services.
Mustapha explained that although Kuda remains firmly rooted in digital banking, the new licence offers the flexibility to introduce physical interaction points where customers prefer face-to-face assistance. According to him, this hybrid approach will enable the bank to meet Nigerians’ needs more effectively by providing support through both digital platforms and physical centres.
The bank clarified that the licence upgrade does not signal a departure from its digital-first strategy. Kuda MFB will continue to prioritise its mobile app, which allows users to carry out transfers, make payments, save money, and access instant credit conveniently. Instead, the national licence is intended to enhance regulatory compliance and operational reach, not to replace digital services.
Kuda also disclosed plans, subject to regulatory approvals, to roll out additional experience centres focused on customer service and community engagement. These centres will follow the model of its existing facility in Yaba, Lagos, where customers can interact directly with staff, receive assistance, and learn more about the bank’s offerings.
Overall, the bank emphasised that while its products and transaction capabilities remain unchanged, the national licence provides the regulatory support needed to serve customers across Nigeria more broadly and effectively.
