The Central Bank of Nigeria (CBN) has approved the upgrade of operating licences for leading fintech companies and microfinance banks, including Opay and Moniepoint, granting them national status and authorising nationwide operations after meeting regulatory conditions.
The approval covers major players such as Moniepoint MFB, Opay, Kuda Bank, PalmPay and Paga, whose rapid expansion through mobile platforms and extensive agent networks has seen them outgrow their former regional licences.
Speaking in Lagos at the annual conference of the Committee of Heads of Banks’ Operations, the Director of the Other Financial Institutions Supervision Department, Mr Yemi Solaja, confirmed the development.
He noted that institutions like Moniepoint MFB, Opay and Kuda Bank were already operating across the country in practice, adding that the new licences formally align regulation with their scale of operations.
Solaja stressed the need for fintech firms to maintain physical offices to address customer complaints, especially as a large proportion of their users operate within the informal sector and require accessible points of contact.
Under the national licence framework, the affected institutions are now subject to higher capital thresholds, including a minimum of ₦5 billion for national microfinance banks, and stricter compliance obligations, while continuing to support financial inclusion.
The move also reflects the CBN’s broader push to strengthen oversight in the digital finance space, following enforcement actions in 2024 that saw Moniepoint and Opay fined ₦1 billion each for breaches related to Know-Your-Customer (KYC) requirements.