The Central Bank of Nigeria (CBN) has upgraded the licenses of major FinTech companies and Microfinance Banks, including Opay and Moniepoint to national status, allowing them to operate across the country following compliance with regulatory requirements.
The upgrade applies to key players such as Moniepoint MFB, Opay, Kuda Bank, Palmpay, and Paga, which have grown rapidly through mobile technology and agent networks, effectively outgrowing their previous regional licenses.
The development was disclosed 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 (CHBOs) held in Lagos.
According to Solaja, the licence upgrades are not automatic, stressing that only institutions that meet clearly defined compliance, governance and operational benchmarks are eligible for national authorisation.
He explained that many fintech companies, digital lenders and payment service providers have grown significantly beyond the scope of their original licences, operating across multiple states and serving millions of customers nationwide. The regulator, he said, found it necessary to align their licences with the scale and complexity of their operations.
“As these institutions expanded their footprints across Nigeria, it became important for the CBN to update their licensing framework to reflect their true operational reach and ensure effective supervision,” Solaja noted.
With national licenses, these FinTechs are subject to higher capital requirements, for example, N5 billion for national MFBs, and must maintain offices for dispute resolution while continuing to drive financial inclusion.
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Under the new arrangement, major players such as Moniepoint Microfinance Bank, OPay, Kuda Bank and other qualifying institutions now hold national licences, formally authorising them to operate across all states of the federation rather than within restricted regional boundaries.
The CBN said the revised licensing regime is designed to enhance regulatory oversight of institutions with nationwide operations, while also mandating a physical presence in key locations across the country. This requirement is expected to improve access to in-person customer support, dispute resolution and other essential services, particularly for customers in the informal sector who may not be fully served through digital channels alone.
The upgrade is also expected to advance the apex bank’s cashless policy and financial inclusion agenda, as digital platforms play an increasingly critical role in reducing the volume of cash circulating outside the formal banking system.
As part of the new regulatory framework, national microfinance banks are now subject to higher capital requirements, with minimum paid-up capital raised to about ₦5 billion, up from the previous ₦2 billion threshold. In addition, the institutions must comply with stricter reporting, governance and consumer protection standards to safeguard financial system stability.
The CBN reiterated that the reforms are aimed at ensuring that fast-growing fintechs and microfinance banks operate within a robust regulatory environment that protects consumers while supporting innovation and sustainable growth in Nigeria’s financial ecosystem.
