The Central Bank of Nigeria (CBN) has upgraded the operating licences of several leading financial technology companies and microfinance banks to national status, allowing them to operate across the country after meeting regulatory requirements.
The upgrade covers major players including Moniepoint Microfinance Bank, Opay, Kuda Bank, Palmpay and Paga, many of which have expanded rapidly through digital platforms and extensive agent networks, effectively outgrowing their former regional licences.
Confirming the development in Lagos, the Director of the Other Financial Institutions Supervision Department at the CBN, Mr Yemi Solaja, said the affected institutions had satisfied the conditions for nationwide operations. He spoke at 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 importance of physical presence and customer support, noting that a large portion of the companies’ customer base operates within the informal sector.
“Most of their customers are in the informal sector. They need a clear point of contact if issues arise,” he added.
With the new national licences, the fintech firms are now subject to stricter regulatory obligations, including higher capital requirements.
For instance, national microfinance banks are required to maintain a minimum capital base of ₦5 billion.
They are also expected to establish offices to handle customer complaints and dispute resolution, while continuing to promote financial inclusion.
The licensing upgrade follows previous regulatory enforcement actions by the apex bank.
In 2024, Moniepoint and Opay were each fined ₦1 billion for breaches related to Know Your Customer (KYC) compliance, highlighting the CBN’s efforts to strengthen standards and oversight within Nigeria’s rapidly growing digital finance sector.
The CBN said the move is part of broader reforms aimed at ensuring stability, consumer protection and sustainable growth in the country’s financial services industry.
