The Central Bank of Nigeria has granted State Microfinance Bank License to Cedar Microfinance Bank. This was contained in the apex banks letter to Cedar MFB dated 4th September 2012.

This was in response to Cedar MFB's application for a State License, having fulfilled all regulatory requirements. As a result of this achievement, Cedar Microfinance Bank now has approval from CBN to operate branches in any part of Lagos state.

This giant step is an effort by Cedar MFB to achieve its vision "To be the preferred primary microfinance institution with a commanding presence nation wide".