The Central Bank of Nigeria (CBN) has upgraded the operating licences of several leading FinTech companies and Microfinance Banks (MFBs), including Opay and Moniepoint, to national status, permitting them to operate across the country.
The upgrade follows the affected institutions’ compliance with regulatory requirements and reflects their rapid expansion beyond regional boundaries. Beneficiaries of the new national licences include Moniepoint MFB, Opay, Kuda Bank, Palmpay and Paga, all of which have leveraged mobile technology and extensive agent networks to scale their operations nationwide.
Confirming the development at the annual conference of the Committee of Heads of Banks’ Operations in Lagos, the Director of the CBN’s Other Financial Institutions Supervision Department, Mr Yemi Solaja, said the transition merely formalises what already exists in practice.
READ ALSO: Igboho Returns to Nigeria After Removal From Wanted Persons’ List
“Institutions like Moniepoint MFB, Opay, Kuda Bank and others have now been upgraded. In practice, their operations are already nationwide,” he said.
Solaja stressed the need for physical offices to support customers, particularly those in the informal sector.
“Most of their customers operate in the informal sector. They need a clear point of contact if any issues arise,” he added.
With the new national licences, the FinTechs will be subject to higher regulatory obligations, including increased capital requirements – such as the ₦5 billion minimum capital for national MFBs – and the establishment of offices for dispute resolution, even as they continue to promote financial inclusion.
The move comes amid tighter regulatory oversight by the CBN. In 2024, Moniepoint and Opay were each fined ₦1 billion for violations related to Know-Your-Customer (KYC) requirements, highlighting the apex bank’s resolve to strengthen standards in Nigeria’s digital financial ecosystem.
