The Central Bank of Nigeria (CBN) has upgraded the operating licenses of several leading fintech companies and microfinance banks, including Opay and Moniepoint, granting them national status and authorising them to operate across the country after meeting regulatory requirements.
The upgrade covers major players such as Moniepoint MFB, Opay, Kuda Bank, Palmpay and Paga, many of which have expanded rapidly through mobile platforms and extensive agent networks, effectively outgrowing their former regional licenses.
The Director of the Other Financial Institutions Supervision Department at the CBN, Yemi Solaja, confirmed the development in Lagos during the annual conference of the Committee of Heads of Banks’ Operations.
“Institutions like Moniepoint MFB, Opay, Kuda Bank and others have now been upgraded. In practice, their operations are already nationwide,” Solaja said.
He stressed the need for a physical presence to support customers, noting that many users of these platforms operate within the informal sector and require accessible points of contact for dispute resolution.
With the national licenses, the fintech firms are now subject to higher regulatory standards, including increased capital requirements such as the ₦5 billion minimum for national microfinance banks. They are also required to maintain offices to handle customer complaints, while continuing to support financial inclusion across the country.
The move follows earlier regulatory actions by the CBN, including fines of ₦1 billion each imposed on Moniepoint and Opay in 2024 for breaches related to Know Your Customer (KYC) requirements. The sanctions highlighted the apex bank’s commitment to strengthening compliance and standards within Nigeria’s digital financial ecosystem.
