The Central Bank of Nigeria (CBN) has officially upgraded the operating licences of several leading fintech companies and microfinance banks to national status, allowing them to operate legally across all 36 states and the Federal Capital Territory.
Newsonspot reports that the announcement was made in Lagos by Yemi Solaja, Director of the CBN’s Other Financial Institutions Supervision Department, during the annual conference of the Committee of Heads of Banks’ Operations (CHBOs).
According to Solaja, fintech operators such as Moniepoint MFB, Opay, Kuda Bank, Palmpay, and Paga have expanded rapidly through mobile technology and agent networks, meaning their services already function nationwide in practice.
“Institutions like Moniepoint MFB, Opay, Kuda Bank, and others have now been upgraded. In practice, their operations are already nationwide,” Solaja said.
The CBN explained that the upgrade is designed to close the growing gap between the licences fintechs hold and the scale of their real operations. However, the transition is not automatic, as firms must meet key regulatory requirements including capital adequacy, governance, risk management, and compliance standards.
With the new national licences, these institutions will now face stricter capital and compliance obligations, including a minimum capital requirement of ₦5 billion for national microfinance banks.
Solaja also stressed the importance of physical customer support points, noting that many fintech users operate within the informal sector and may need clear channels for resolving disputes.
“Most of their customers operate in the informal sector. They need a clear point of contact if any issues arise,” he added.
The licence upgrade follows the CBN’s broader efforts to strengthen standards in Nigeria’s digital finance space, especially after previous enforcement actions such as the ₦1 billion penalties issued in 2024 against Moniepoint and Opay over KYC compliance issues.
Industry observers believe the development will improve consumer confidence, deepen financial inclusion, and promote stronger accountability as more Nigerians depend on digital platforms for everyday transactions.
