The Central Bank of Nigeria, CBN, has approved the upgrade of operating licences for several leading financial technology companies and microfinance banks, granting them national authorisation to operate across all states of the federation.
The newly approved national licences cover major players in Nigeria’s fast-growing digital finance ecosystem, including Opay, Moniepoint Microfinance Bank, Kuda Bank, Palmpay and Paga, following their successful compliance with regulatory and supervisory requirements.
According to Brandspur Banking News Desk, the licence upgrade reflects the regulator’s acknowledgement that these institutions have expanded far beyond regional operations, driven by widespread adoption of mobile banking services and extensive agent banking networks nationwide.
Confirming the development, the Director of Other Financial Institutions Supervision at the CBN, Yemi Solaja, disclosed that the affected institutions were already operating at a national scale prior to the formal upgrade.
“Institutions such as Moniepoint MFB, Opay, Kuda Bank and others have now received national status. In practical terms, their operations have long been nationwide,” Solaja said during the annual conference of the Committee of Heads of Banks’ Operations held in Lagos.
He stressed that despite their digital-first models, physical customer engagement remains critical, particularly given the nature of their customer base.
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“Most of their users are within the informal sector. There must be a clear physical point of contact where customers can lodge complaints and resolve disputes when issues arise,” Solaja added.
With the new national licences, the affected fintechs and microfinance banks are now subject to stricter regulatory obligations, including higher minimum capital thresholds. National microfinance banks are required to maintain a minimum capital base of N5 billion, alongside mandatory physical offices dedicated to customer support and dispute resolution.
The upgrade also places the institutions under closer regulatory oversight as the apex bank intensifies efforts to strengthen consumer protection, financial stability and compliance standards within Nigeria’s digital financial services space.
Industry analysts note that the CBN’s decision aligns with its broader financial inclusion strategy, as fintech operators continue to play a central role in expanding access to banking services among underserved populations.
The licence upgrade comes against the backdrop of previous enforcement actions by the CBN. In 2024, Opay and Moniepoint were each fined N1 billion over breaches related to Know Your Customer, KYC, compliance requirements, underscoring the regulator’s zero-tolerance stance on lapses within the sector.
The move signals a balance between regulatory discipline and institutional growth, positioning licensed fintechs to operate at scale while meeting higher governance and operational standards.
As Nigeria’s digital banking landscape continues to evolve, the national licence status is expected to further enhance competition, deepen financial inclusion and improve service delivery across the country’s financial ecosystem.
