The Central Bank of Nigeria (CBN) has granted national operating licences to several fast-growing fintech firms and microfinance banks, paving the way for them to formally expand services across the country.
Among the institutions upgraded are Moniepoint MFB, Opay, Kuda Bank, Palmpay and Paga, companies whose digital platforms and vast agent networks have already given them a nationwide footprint despite previously holding regional licences.
The development was confirmed in Lagos by the Director of the Other Financial Institutions Supervision Department at the CBN, Mr Yemi Solaja, during the annual conference of the Committee of Heads of Banks’ Operations.
He said the regulatory shift merely formalises what is already happening on the ground.
“Institutions like Moniepoint MFB, Opay, Kuda Bank, and others have now been upgraded. In practice, their operations are already nationwide.”
Solaja stressed that while technology drives their growth, physical offices remain critical, particularly for resolving customer complaints.
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“Most of their customers operate in the informal sector. They need a clear point of contact if any issues arise.”
With the new status, the fintechs will now operate under stricter regulatory conditions, including higher capital thresholds. National microfinance banks, for instance, are required to maintain a minimum capital base of ₦5 billion and establish offices dedicated to dispute resolution.
The CBN said the move balances financial inclusion with stronger oversight, ensuring that rapidly expanding digital lenders meet the same standards expected of traditional financial institutions.
The licence upgrades also follow recent regulatory crackdowns. In 2024, Moniepoint and Opay were each fined ₦1 billion for breaches related to Know-Your-Customer (KYC) requirements, signalling the apex bank’s resolve to tighten compliance within the digital finance space.
