Nigeria: CBN grants national operating licences to Opay, Moniepoint, Palmpay, others

The Central Bank of Nigeria (CBN) has upgraded the operating licences of several leading FinTech firms and microfinance banks to national status, allowing them to operate fully across the country after meeting regulatory requirements.

The upgrade covers major players including Moniepoint Microfinance Bank, Opay, Kuda Bank, Palmpay, and Paga, many of which have expanded rapidly through digital platforms and extensive agent networks, effectively outgrowing their former regional licences.

Confirming the development in Lagos, the Director of the Other Financial Institutions Supervision Department at the CBN, Yemi Solaja, said the affected institutions had already built nationwide footprints in practice.

“Institutions like Moniepoint MFB, Opay, Kuda Bank, and others have now been upgraded. In reality, their operations are already nationwide,” Solaja said while speaking at the annual conference of the Committee of Heads of Banks’ Operations.

He stressed the importance of physical offices and clear customer support channels, particularly because a large portion of FinTech users operate within the informal sector.

“Most of their customers are in the informal space. They need a clear point of contact when issues arise,” he noted.

With the national licences, the FinTechs are now subject to stricter regulatory obligations, including higher capital requirements — such as the N5bn minimum capital for national microfinance banks — as well as the requirement to maintain offices for customer complaints and dispute resolution.

The move is part of the CBN’s broader effort to strengthen oversight in the digital finance ecosystem while supporting financial inclusion. It also follows earlier enforcement actions by the apex bank, including the imposition of N1bn fines on Moniepoint and Opay in 2024 for breaches related to Know Your Customer (KYC) requirements.

The licence upgrades signal the regulator’s intent to balance innovation with stronger compliance standards as digital financial services continue to expand across Nigeria.