CBN Grants National license to Opay, Moniepoint, others

The Central Bank of Nigeria (CBN) has elevated the operating licenses of several leading fintech firms and microfinance banks, including Moniepoint MFB, Opay, Kuda Bank, PalmPay, and Paga, to national status after they satisfied the regulatory standards.

Their swift growth is driven by mobile technology and extensive agent workers, who have outgrown the limits of their former regional licenses, enabling them to operate nationwide currently.

Yemi Solaja, Director of the Other Financial Institutions Supervision Department, disclosed this update in Lagos during the yearly conference of the Committee of Heads of Banks’ Operations.

“Institutions like Moniepoint MFB, Opay, Kuda Bank, and others have now been upgraded. In practice, their operations are already nationwide,” he said.

Solaja stressed the need for a strong physical presence to effectively support and attend to customers, “Most of their customers operate in the informal sector. They need a clear point of contact if any issues arise.”

With the issuance of national licenses, these fintech companies are now required to meet stricter capital thresholds, such as the ₦5 billion minimum for national microfinance banks, and to maintain physical offices for handling disputes, even as they continue to promote financial inclusion nationwide.

The move comes after earlier regulatory actions, notably the ₦1 billion fines imposed on Moniepoint and Opay in 2024 over failures to comply with KYC requirements, highlighting the CBN’s continued push to tighten oversight and raise standards in the digital finance sector.