The Central Bank of Nigeria has approved the upgrade of operating licences for leading FinTech companies and microfinance banks, including Opay and Moniepoint, granting them national status and authorising full operations across the country after meeting regulatory requirements.
The licence upgrade covers fast-growing digital finance players such as Moniepoint Microfinance Bank, Opay, Kuda Bank, Palmpay and Paga, institutions that have expanded rapidly through mobile technology and extensive agent banking networks, effectively surpassing the limits of their former regional approvals.
Confirming the development in Lagos, the Director of the Other Financial Institutions Supervision Department at the CBN, Yemi Solaja, said the decision reflects the reality of how these institutions already operate nationwide. He spoke at the annual conference of the Committee of Heads of Banks’ Operations, where regulators and industry leaders reviewed emerging trends in Nigeria’s financial system.
“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 platforms, physical presence remains critical, especially given the profile of their customer base. According to him, most users of FinTech services operate within the informal sector and require accessible offices where complaints and disputes can be resolved promptly.
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“Customers need a clear point of contact if any issues arise,” Solaja noted, underscoring why national licence holders must maintain offices for customer support and dispute resolution.
With the new status comes stricter regulatory obligations. National microfinance banks are now required to meet higher capital thresholds, including a minimum capital base of ₦5 billion, while adhering to enhanced governance, risk management and consumer protection standards. The CBN says these measures are designed to strengthen confidence in digital banking while sustaining the momentum of financial inclusion across Nigeria.
The licence upgrade follows a period of tighter regulatory oversight in the FinTech space. In 2024, the apex bank imposed ₦1 billion fines on both Moniepoint and Opay over breaches related to Know Your Customer compliance, signalling a tougher stance on operational discipline in the fast-evolving digital finance sector.
Analysts say the move marks a turning point for Nigeria’s FinTech industry, positioning major players to compete more directly with traditional banks while operating under closer regulatory scrutiny. As digital banking continues to reshape access to financial services, the CBN’s latest decision highlights its effort to balance innovation with stability in Africa’s largest economy.
