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 achievement follows their earlier acquisition of a money lending license and demonstrates their strong commitment to improving the banking experience for creators and freelancers.
Recalled, recently, the CBN revoked the operating licenses of 132 Microfinance Banks, three finance companies, and four primary mortgage banks
According to the Gazette signed by CBN Governor, Godwin Emefiele, the affected institutions also failed to fulfill or comply with the conditions subject to which their licenses were granted.
They also failed to comply with the obligations imposed upon them by the Central Bank of Nigeria by the provisions of the Banks and Other Financial Institutions Act (BOFIA) 2020, Act No. 5.
According to statement, the fintech platform said its mission is to revolutionize banking by offering borderless payments and seamless financial management, empowering individuals to have greater control over their finances.
The platform is specifically designed for creators and freelancers, providing them with a comprehensive suite of banking solutions. One of the standout features of Awacash is its innovative credit-on-the-go offering, which allows customers to quickly access credit at competitive interest rates.
This unprecedented financial support enables creators and freelancers to pursue their passions, expand their businesses, and seize new opportunities with confidence.
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