CBN Grants National Licences To Opay, Moniepoint And Other Fintechs

The Central Bank of Nigeria has upgraded the operating licences of several leading financial technology firms and microfinance banks to national status, formally authorising them to operate across all states of the federation.

The announcement was made by Yemi Solaja, director of the Other Financial Institutions Supervision Department at the CBN, during the annual Committee of Heads of Banks’ Operations conference held in Lagos.

Solaja explained that the licence upgrade was not automatic, noting that affected institutions were required to meet specific compliance, governance and operational benchmarks before qualifying.

He said many digital lenders and payment platforms had expanded beyond the geographical limits of their original licences, creating the need for regulatory updates that reflect their nationwide operations.

Under the new arrangement, major players such as Moniepoint Microfinance Bank, OPay and Kuda Bank now hold national licences, replacing the earlier regional or state-based approvals under which they operated.

CBN officials said the decision closes a regulatory gap in which fintech firms were serving customers nationwide despite holding restricted licences.

The upgrade is expected to strengthen regulatory oversight, improve consumer protection and ensure greater stability within the financial system.

The new licences also require fintechs and national microfinance banks to establish physical branches or service centres in key locations.

This is aimed at improving access to in-person support and dispute resolution, particularly for customers in the informal sector who may not be fully served through digital channels alone.

In addition, the revised framework supports the Central Bank’s cashless policy and financial inclusion objectives, as digital platforms continue to play a role in reducing the volume of cash circulating outside the formal banking system.

As part of the new requirements, capital thresholds for national microfinance banks have been increased to about N5 billion, up from the previous N2 billion.

Stricter compliance and reporting standards have also been introduced to enhance transparency and safeguard consumers.