The Central Bank of Nigeria (CBN) has upgraded the licenses of leading FinTech companies and microfinance banks, including Opay and Moniepoint, to national status, allowing them to operate across the country.
The upgrade covers Moniepoint MFB, Opay, Kuda Bank, Palmpay, and Paga, which have expanded rapidly through mobile technology and agent networks, outgrowing their previous regional licenses.
Yemi Solaja, director of the CBN’s Other Financial Institutions Supervision Department, confirmed the development at the annual conference of the Committee of Heads of Banks’ Operations in Lagos.
“Institutions like Moniepoint MFB, Opay, Kuda Bank, and others have now been upgraded. In practice, their operations are already nationwide,” Solaja said, highlighting the need for physical presence to support customers, especially those in the informal sector.
With national licenses, the companies must meet higher capital requirements — N5 billion for national microfinance banks — and maintain offices for dispute resolution while continuing to promote financial inclusion.
The move follows previous enforcement actions, including N1 billion fines imposed in 2024 on Moniepoint and Opay for KYC non-compliance, reflecting the CBN’s ongoing efforts to strengthen standards in digital finance.
