The Central Bank of Nigeria (CBN) has upgraded the operating licences of major FinTech companies and microfinance banks, including OPay and Moniepoint, to national status, allowing them to operate fully nationwide.
The licence upgrade covers fast-growing players such as Moniepoint MFB, Kuda Bank, PalmPay, and Paga, many of which have expanded rapidly through mobile platforms and nationwide agent networks, effectively outgrowing their previous regional licences.
The Director of the CBN’s Other Financial Institutions Supervision Department, 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,” Solaja said. “In practice, their operations are already nationwide.”
He stressed that beyond digital reach, physical presence remains critical, especially for consumer protection.
“Most of their customers operate in the informal sector. They need a clear point of contact if any issues arise,” he added.
Under the new national licence framework, the affected institutions are required to meet higher regulatory standards, including increased capital thresholds—such as a minimum of ₦5 billion for national microfinance banks—and the establishment of physical offices for customer complaints and dispute resolution.
The upgrade aligns with the CBN’s broader push to strengthen oversight in the fast-growing digital finance space while supporting financial inclusion.
It also follows earlier enforcement actions by the apex bank. In 2024, both Moniepoint and Opay were fined ₦1 billion each for failures related to Know Your Customer (KYC) compliance, highlighting the regulator’s stricter stance on governance and risk management in the fintech ecosystem.
The move marks a significant milestone for Nigeria’s fintech sector, positioning leading digital financial institutions for nationwide expansion under tighter regulatory supervision.
