“Can a CBN-licensed microfinance bank become the default digital banking layer for Nigerian consumers and SMBs?”
Bank78 is a Nigerian digital banking platform (Bank78 MFB) offering digital accounts, payments/transfers, and savings for individuals and businesses. Licensed by the Central Bank of Nigeria (CBN) as a Microfinance Bank with NDIC deposit insurance. The company has since layered in a Creators Fund credit product for its users, indicating a move toward embedded consumer/SMB lending on top of its core deposit product.
Bank78 discloses Bank78 MFB (in-house) as its banking provider, according to the Embedded Finance Index 2026.
Bank78 does not disclose a bank charter of its own; its banking services are provided through Bank78 MFB (in-house).
Bank78 processes payments through Bank78 (self-operated).
Bank78's lending and capital products are provided by Bank78 (in-house).
The Embedded Finance Index 2026 maps 3 layers in Bank78's stack: Payments / PSP (Bank78 (self-operated)); Banking / BaaS (Bank78 MFB (in-house)); Lending (Bank78 (in-house) and Bank78 Creators Fund).
Bank78 is headquartered in Nigeria.
Get a read on where your own stack stands against Bank78 and the rest of its category — what they built versus bought, which providers they use, and where the gaps in your own strategy and competitive set actually are.