Kuda Microfinance Bank has announced plans to combine its digital-first banking model with expanded physical customer touchpoints following the upgrade of its operating licence to a national level.
The development was disclosed in a statement by the bank, noting that the Central Bank of Nigeria recently granted it a national microfinance banking licence. The new status allows the institution to establish a physical presence across the country.
Previously, under a unit microfinance bank licence, Kuda’s physical operations were restricted to a specific location. The national licence removes those limitations, enabling the bank to set up customer experience centres in different parts of Nigeria. It also aligns Kuda’s operations with the CBN’s regulatory framework for microfinance banks.
Commenting on the milestone, Managing Director and Chief Executive Officer, Musty Mustapha, described the licence upgrade as a significant step in the bank’s growth as a regulated financial institution. He said it deepens the bank’s engagement with the Central Bank and reinforces its commitment to high compliance standards as it scales operations.
Mustapha noted that although Kuda will remain digital at its core, the new licence provides flexibility to introduce more in-person service points for customers who prefer physical support or engagement.
The bank explained that the licence upgrade is primarily about regulatory alignment and operational flexibility rather than a shift away from its digital-led approach. It said customers will continue to access services such as transfers, payments, savings, and instant credit through the Kuda app.
Subject to regulatory approval, Kuda Microfinance Bank plans to open additional experience centres focused on customer support and community engagement. These centres will operate in a similar model to its existing facility in Yaba, Lagos, where customers can interact directly with staff, receive assistance, and learn more about the bank’s services.
Kuda added that the national licence does not alter its current products or transaction capabilities but provides the regulatory framework needed to support a nationwide presence.
