Kuda Microfinance Bank has recently been granted a national microfinance bank license by the Central Bank of Nigeria, which allows for a significant expansion of its operations. Previously restricted by a Unit Microfinance Bank license, Kuda can now open customer experience centers in various regions throughout Nigeria, enhancing customer support and engagement. This shift underscores the bank's commitment to scaling its services beyond a single location.

The new national license provides Kuda with the opportunity to better serve its growing customer base by establishing physical presence across the nation while still adhering to its digital-first strategy. This means that, despite the new expansion, Kuda plans to maintain its emphasis on digital banking solutions, such as transfers, payments, savings, and instant credit through its app, which have become central to its value proposition.

Kuda's Managing Director and CEO, Musty Mustapha, highlighted the importance of this licensing in the bank's growth trajectory, marking it as a crucial milestone for the institution. By operating under a national license, Kuda aims to enhance its customer experience and accessibility while continuing to innovate within the digital banking space, reflecting a broader trend in Nigeria’s financial sector towards modernization and improved service delivery.