The Central Bank of Nigeria (CBN) has upgraded the operating licenses of several leading fintech companies and microfinance banks to national status, allowing them to operate fully across the country.
The upgrade covers Moniepoint Microfinance Bank, Opay, Kuda Bank, Palmpay, and Paga, among others.
These fintech firms have expanded rapidly through mobile platforms and extensive agent networks, effectively outgrowing their former regional licenses.
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, Yemi Solaja, said the affected institutions had met the regulatory requirements for nationwide operations.
“Institutions like Moniepoint MFB, Opay, Kuda Bank, and others have now been upgraded. In practice, their operations are already nationwide,” Solaja said.
He emphasised 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,” Solaja stressed.
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Under the new national licenses, the fintechs will be subject to stricter regulatory obligations, including higher capital requirements, such as a minimum of ₦5 billion for national microfinance banks, and the maintenance of offices for dispute resolution, while continuing to promote financial inclusion.
The move follows earlier enforcement actions by the regulator, including ₦1 billion fines imposed on Moniepoint and Opay in 2024 for breaches related to Know-Your-Customer (KYC) requirements, highlighting the CBN’s push to strengthen oversight in Nigeria’s digital finance sector.
Alex is a business journalist cum data enthusiast with the Pinnacle Daily. He can be reached via ealex@thepinnacleng.com, @ehime_alex on X
