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CBN Issues Microfinance Bank License to Fintech Firm Awash.

Central Bank of Nigeria (CBN) has issued a microfinance bank license to Awacash, a fintech platform, this represents a significant milestone for the company.

This accomplishment builds upon their previous attainment of a money lending license and showcases their strong dedication to enhancing the banking experience for creators and freelancers.

Recently, the Central Bank of Nigeria (CBN) took the step of revoking the operating licenses of 132 Microfinance Banks, three finance companies, and four primary mortgage banks. This action was due to the failure of these institutions to meet the conditions under which their licenses were granted and to comply with the obligations set forth by the Banks and Other Financial Institutions Act (BOFIA) 2020, Act No. 5.

In line with their mission to revolutionize banking, the fintech platform aims to provide borderless payments and seamless financial management, empowering individuals to have greater control over their finances.

Designed specifically for creators and freelancers, the platform offers a comprehensive range of banking solutions. Notably, Awacash stands out for its innovative credit-on-the-go feature, which enables customers to quickly access credit at competitive interest rates.

This unprecedented financial support equips creators and freelancers with the means to pursue their passions, expand their businesses, and seize new opportunities with confidence.

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