CBN releases names of 10 digital banks licensed to operate as MFBs, issue POS services

Digital banking is gaining roots in Nigeria as operators employ the best technological tools to solve Nigerians' transaction challenges and deploy tech-savvy personnel.

To deepen financial inclusion, the Central Bank of Nigeria has approved licensing digital payment platforms to operate microfinance banking and Point of Sale (PoS) services in Nigeria.

Despite being confined to digital spaces, these platforms are ubiquitous and have recently solved myriads of financial problems for Nigerians.

The banks fall into the fintech ecosystem but serve the same purpose as the traditional banks, which have a physical presence.

A report says these fintech platforms operate under various licensing categories and offer multiple services, delivering financial services via mobile apps and other touchpoints.

According to the CBN database, about 894 companies have been licensed as microfinance banks as of February 2023.

However, only some fully digital companies can be described as digital banks. Except for a few digital banks, some have also obtained licenses from CBN to operate PoS services. The names of the banks include:

Sofri

Mint

Piggyvest

VFD

Moniepoint

FairMoney

Carbon

Kuda

Eyowo

Sparkle