The Central Bank of Nigeria (CBN) has upgraded the operating licences of several leading fintech companies and microfinance banks to national status, enabling them to operate across the country after meeting regulatory requirements.
The licence upgrade covers major players including Moniepoint Microfinance Bank, Opay, Kuda Bank, Palmpay, and Paga—institutions that have recorded rapid growth through mobile technology and expansive agent networks, effectively surpassing the limitations of their former regional licences.
Confirming the development, the Director of the CBN’s Other Financial Institutions Supervision Department, Mr. Yemi Solaja, spoke in Lagos at the annual conference of the Committee of Heads of Banks’ Operations.
“Institutions like Moniepoint MFB, Opay, Kuda Bank, and others have now been upgraded,” Solaja said. “In practice, their operations are already nationwide.”
He stressed that despite their strong digital presence, physical customer support remains essential, particularly given the nature of their customer base.
“Most of their customers operate in the informal sector. They need a clear point of contact if any issues arise,” Solaja added.
The move reflects the CBN’s recognition of the expanding role of fintechs and digital banks in Nigeria’s financial ecosystem, while reinforcing the need for regulatory compliance and customer protection nationwide.
