The Central Bank of Nigeria (CBN) has upgraded the licenses of leading FinTech firms and Microfinance Banks (MFBs), including Opay and Moniepoint, granting them national status and enabling them to operate across the country after meeting regulatory requirements.
The upgrade covers major players such as Moniepoint MFB, Opay, Kuda Bank, Palmpay, and Paga, which have expanded rapidly through mobile technology and extensive agent networks, surpassing the limitations of their former regional licenses.
Speaking at the annual Committee of Heads of Banks’ Operations conference in Lagos, Yemi Solaja, Director of the Other Financial Institutions Supervision Department, confirmed the development, saying:
“Institutions like Moniepoint MFB, Opay, Kuda Bank, and others have now been upgraded. In practice, their operations are already nationwide.”
Solaja emphasized that maintaining physical offices is crucial for customer support, particularly for clients in the informal sector who may require direct assistance.
With the new national licenses, these FinTechs must meet higher capital requirements, such as ₦5 billion for national MFBs, and continue to maintain offices for dispute resolution while furthering financial inclusion across Nigeria.
The move comes after previous enforcement actions, including ₦1 billion penalties in 2024 against Moniepoint and Opay for KYC non-compliance, reflecting the CBN’s commitment to strengthening regulatory standards and ensuring robust digital financial services.
