The Central Bank of Nigeria (CBN) has officially upgraded the operating licenses of major fintech companies and microfinance banks, including Opay, Moniepoint, Kuda Bank, Palmpay, and Paga, granting them national licenses that allow full-scale operations across the country.
The upgrade follows the companies’ compliance with regulatory requirements and reflects their rapid growth driven by mobile technology and expansive agent networks.
Many of these fintechs had already been operating nationwide in practice, having outgrown their former regional licenses due to increasing customer adoption, especially within Nigeria’s informal sector.
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Speaking at the annual conference of the Committee of Heads of Banks’ Operations in Lagos, the CBN Director of Other Financial Institutions Supervision Department, Yemi Solaja, confirmed the development, noting that the affected institutions are now fully recognized as national operators.
He emphasized the importance of maintaining physical offices nationwide to provide customers with clear points of contact for resolving complaints and disputes.
With the new status comes stricter obligations, including higher capital requirements, such as a minimum of ₦5 billion for national microfinance banks, as well as enhanced compliance and customer protection standards.
The move aligns with the CBN’s broader efforts to strengthen oversight in the digital financial space while promoting financial inclusion.
The decision also follows past enforcement actions by the apex bank, including fines imposed in 2024 on some fintech firms over KYC compliance breaches, underscoring the regulator’s commitment to maintaining discipline and stability within Nigeria’s fast-growing fintech ecosystem.