CBN Releases Names of 10 Digital Banks Licensed to Operate as MFBs, Issue POS ServicesPAY ATTENTION: Donate to Legit Charity on Patreon. Your support matters! 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. PAY ATTENTION: Follow us on Instagram - get the most important news directly in your favourite app! Read also Emefiele speaks on relation between Nigerian banks and failed US banks, says Nigerian banks not exposed 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. The names of the banks include: Legit.ng reported that Nigeria’s first digital bank, Kuda, has added a new feature to the Kuda Business app, which includes Sales Mode, Kuda Payroll, and business registration. TechPoint reported that the Nigerian neo bank is set to launch a SoftPoS feature, allowing users to accept smartphone cardless payments. Read also CBN approves 17 companies as mobile money and PoS operators in Nigeria SoftPoS permits customers to accept contactless cards and turn their smartphones or tablets into a secure payment terminal or Point of Sale (PoS). Also, due to the recent hiccups experienced by bank customers and their inability to use mobile apps and other digital touchpoints, Nigerians have begun the search for alternatives as fintech firms have taken over the ecosystem and provided better experiences. These licensed mobile operators have provided relief to many Nigerians at the time of unprecedented transaction failures. Source: Legit.ng The Central Bank of Nigeria (CBN) says there are 10 licensed digital banks in Nigeria The apex bank said that digital banks are also allowed to provide microfinance banking in the country The banks operate primarily as apps without branches but are accorded the same rights as conventional banks PAY ATTENTION: Donate to Legit Charity on Patreon. Your support matters! PAY ATTENTION Legit.ng