CBN Approves as Another Bank Begins Operation in Nigeria
- Bank78 MFB has become the latest licensed digital microfinance bank to begin operation in Nigeria
- The bank said it is bridging the gap between fast-growing fintech firms and traditional legacy banks
- Bank78 MFB confirms that customers' deposits are insured by the NDIC and are fully compliant
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Bank78 MFB has officially commenced operations as a private digital lender in Nigeria.
The bank stated that although it is inspired by private-banking culture and mindset, it is deliberately designed for the mass-affluent everyday Nigerian, offering a secure and premium digital banking experience.
Source: Getty Images
In a statement announcing the commencement of operations, the bank said it aims to bridge the gap between fast-growing fintech firms and traditional legacy banks.
The bank noted that it is fully licensed by the Central Bank of Nigeria (CBN), insured by the Nigeria Deposit Insurance Corporation (NDIC), and fully compliant with the Nigeria Data Protection Regulation (NDPR) and will prioritise transparency, security, and dependable transactions.
Bank78 MFB begins operations in Nigeria
Speaking at the launch event, Director at Bank78 MFB, EviOghene Osifo-Whiskey, said the institution was created to deliver private-banking confidence without sacrificing digital simplicity, Punch reports.
Osifo-Whiskey said:
“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. 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. We are committed to providing Nigerians with a secure, thoughtful banking experience built for their future.”
Source: Getty Images
Also speaking, the Director of Sales at Bank78 MFB, Eberechukwu Dikse, described the bank’s corporate philosophy as “prestige made accessible,” noting that the concept goes beyond aesthetics, BusinessDay reports.
He said.
“At the heart of our philosophy is the idea of making prestige accessible. For us, prestige is not about luxury décor or exclusive lounges; it is defined by how customers are treated and the standard of service they receive.
“We see prestige as delivering a calm and seamless banking experience built on clear communication, respect, personalisation, and transparency. It means offering smooth digital services and giving customers confidence and peace of mind when managing their finances. In an industry where many people feel anxious about using banking apps, creating that sense of ease is a deliberate strategy, not just branding.
“Customers want a bank that integrates effortlessly into their daily lives whether they are paying suppliers, receiving payments, saving toward important goals, or handling routine transfers. Bank78 is designed to provide dependable service, clarity, and a more convenient banking experience for people who are always on the go."
According to him, the bank focuses on services customers use daily, including effortless onboarding, reliable transfers and payments, clear transaction histories, and clean digital navigation.
Paystack microfinance bank begins operations
In a related development, Legit.ng reported that Paystack, a Nigerian fintech company, has marked its 10th anniversary with the launch of a new subsidiary, Paystack Microfinance Bank (MFB) after acquiring Ladder Microfinance Bank.
Founded in Nigeria a decade ago with the goal of simplifying how businesses get paid, Paystack has grown from a single payments product into a platform operating across five African countries.
Source: Legit.ng
