CBN Grants Approval as Bank78 MFB Launches Digital Banking Operations in Nigeria
The Central Bank of Nigeria (CBN) has officially approved the commencement of operations for Bank78 MFB, the latest licensed digital microfinance bank to enter the Nigerian financial landscape. The bank announced its launch with a clear mission to bridge the growing divide between innovative fintech companies and established traditional banking institutions.
Bank78 MFB: Combining Digital Simplicity with Banking Confidence
Bank78 MFB has positioned itself as a private digital lender specifically designed for the mass-affluent everyday Nigerian consumer. While drawing inspiration from private-banking culture, the institution emphasizes delivering a secure and premium digital banking experience accessible to a broader demographic. The bank confirmed that all customer deposits are fully insured by the Nigeria Deposit Insurance Corporation (NDIC) and that it maintains complete compliance with regulatory standards.
In an official statement, Bank78 MFB outlined its core objective: to merge the rapid technological advancements characteristic of fintech firms with the reliability and trust associated with legacy banks. The institution operates under a full license from the CBN and adheres strictly to the Nigeria Data Protection Regulation (NDPR), prioritizing transparency, security, and dependable financial transactions for its clients.
Leadership Perspectives on the New Banking Model
During the launch event, Director EviOghene Osifo-Whiskey of Bank78 MFB articulated the bank's foundational philosophy. "There is often a difference between the fast pace of fintechs and the reliability people expect from traditional banks, and Bank78 aims to bridge that divide," Osifo-Whiskey stated. "Designed for a new generation of achievers, the bank combines the confidence of private banking with the ease of digital services. Trust is our foundation, and we operate fully licensed by the CBN, insured by the NDIC, and compliant with NDPR regulations."
Eberechukwu Dikse, Director of Sales at Bank78 MFB, further elaborated on the bank's corporate ethos, describing it as "prestige made accessible." Dikse emphasized that this concept extends beyond mere aesthetics to encompass superior customer treatment and service standards. "We see prestige as delivering a calm and seamless banking experience built on clear communication, respect, personalisation, and transparency," he explained. "It means offering smooth digital services and giving customers confidence and peace of mind when managing their finances."
Targeting Daily Financial Needs with Digital Solutions
Bank78 MFB focuses on providing essential services that customers utilize regularly, including:
- Effortless account onboarding processes
- Reliable fund transfers and payment systems
- Clear and detailed transaction histories
- Intuitive digital navigation and user interfaces
The bank aims to integrate seamlessly into the daily lives of Nigerians, whether they are paying suppliers, receiving payments, saving toward significant goals, or handling routine financial transfers. This approach is designed to offer dependable service, clarity, and enhanced convenience for individuals with active, on-the-go lifestyles.
Context: Paystack Microfinance Bank's Recent Launch
This development follows closely on the heels of another significant entry into Nigeria's microfinance banking sector. Paystack, a prominent Nigerian fintech company, recently celebrated its 10th anniversary by launching Paystack Microfinance Bank (MFB) after acquiring Ladder Microfinance Bank. Founded a decade ago with the mission of simplifying business payments, Paystack has expanded from a single payments product to a comprehensive platform operating across five African nations.
The simultaneous emergence of these digital-focused microfinance institutions signals a transformative period in Nigeria's banking industry, where technological innovation and regulatory compliance converge to create new opportunities for financial inclusion and customer-centric service delivery.
