New national licence gives Kuda flexibility to create more physical touchpoints – MD

Musty Mustapha, MD/CEO of Kuda Microfinance Bank (Kuda MFB), has said that the newly approved national licence would afford the bank some level of flexibility to model its product offerings towards customers’ needs.

“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,” Mustapha stated.

The bank recently received a license from the Central Bank of Nigeria (CBN) to operate as a National Microfinance Bank, allowing Kuda to now have a physical presence across Nigeria. According to Mustapha, Kuda MfB’s physical operations were limited to a specific location with the Unit Microfinance Bank licence it held until December 2025.

“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,” he stated.

He clarified that the national licence removes all geographic restrictions, allowing the bank to open customer experience centres in multiple parts of the country. It also regularises Kuda MFB’s licensing status in line with the CBN’s framework for microfinance banks.

According to the bank, the national licence is about regulatory alignment and operational flexibility rather than a shift away from its digital-first model, so it will continue to lead with digital banking services, offering Nigerians the convenience of making transfers and payments, saving, and accessing instant credit through the Kuda app.

Mustapha  added that subject to regulatory approval, Kuda MFB plans to open more experience centres designed for customer support and community engagement, in the style of its existing experience centre in Yaba, Lagos, where customers and the general public can speak directly with the bank’s team to get help and learn about the microfinance bank’s products and services.

Seyi John Salau is a BusinessDay Correspondent with interest in development journalism, which tells stories that connect the people, brands, and the government. SeyiJohn is also a media professional with BSc, Mass Communition (ACU); Masters of School Media (MSM, Ibadan) & MSc, Mass Communication (Caleb).

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