CBN LICENCES 10 DIGITAL BANKS TO OPERATE AS MICRO FINANCE BANK, POS

The Central Bank of Nigeria has recently released the list of 10 digital banks to operate as MFBs and Point of sales(POS) in Nigeria.

According to the report, these banks fall into the fintech ecosystem, serving the same purpose as the traditional banks in Nigeria.

However, the CBN database has showed that about 894 companies has been liscensed as microfinance banks as at February, 2023.

The 10 Licensed digital banks are: Piggyvest, Sofri, Mint, VFD, Moniepoint, Fairmoney, Kuda, Carbon, Eyowo, Sparkle.