The Central Bank of Nigeria (CBN) has upgraded the operating licences of several leading FinTech companies and microfinance banks to national status, formally allowing them to operate across the country after meeting regulatory requirements.
The beneficiaries include Moniepoint Microfinance Bank, Opay, Kuda Bank, Palmpay and Paga, firms whose rapid expansion through mobile platforms and agent networks had already given them a nationwide footprint beyond their former regional licences.
Confirming the development in Lagos, the Director of the Other Financial Institutions Supervision Department, Yemi Solaja, Revealed the upgrade merely aligned regulation with reality.
at the annual conference of the Committee of Heads of Banks’ Operations, Solaja disclosed. “In practice, their operations are already nationwide.”
He stressed that despite their digital focus, the institutions must maintain physical offices to handle complaints and resolve disputes, especially as most of their customers operate in the informal sector.
“Most of their customers need a clear point of contact if any issues arise,” he noted.
With the new status, the FinTechs will now be subject to stricter regulatory standards, including higher minimum capital thresholds ?N5 billion for national microfinance banks as well as broader compliance and reporting obligations.
The move comes amid the CBN’s broader push to strengthen oversight in the fast-growing digital finance space. In 2024, the apex bank fined Moniepoint and Opay N1 billion each for breaches of Know-Your-Customer (KYC) rules.
Regulators say the latest reforms are aimed at balancing innovation with consumer protection while deepening financial inclusion across Nigeria.