Breaking News
Nigeria Central Bank Clears Seven New Digital Banks for Launch
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soxito
May 21 2026
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Nigeria Digital Banks
Seven fintechs — including three pan-African startups and two Nigerian-origin companies — have received digital banking licences from the CBN under the new Tier-3 Digital Bank framework introduced in January.
The licences permit full deposit-taking and lending operations conducted exclusively through mobile and web interfaces, with no brick-and-mortar requirement. KYC is managed via the national NIN biometric database.
Analysts estimate the new entrants could collectively reach 30 million previously unbanked customers within three years, driven by agent banking networks and USSD access for feature phone users.
This article was reported by the AfriDevMonitor editorial team. Additional reporting contributed by our correspondents in Addis Ababa, Nairobi, Lagos, Johannesburg, and Cairo.
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