The Central Bank of Nigeria (CBN) has approved the upgrade of licences for several leading FinTech firms and Microfinance Banks (MFBs), officially granting them national operating status after they met key regulatory requirements.
The upgraded institutions include Moniepoint MFB, Opay, Kuda Bank, Palmpay, and Paga, companies that have rapidly expanded their services nationwide through mobile banking platforms and wide agent networks.
The development was confirmed by Yemi Solaja, Director of the Other Financial Institutions Supervision Department, while speaking at the annual Committee of Heads of Banks’ Operations Conference held in Lagos.
“Institutions like Moniepoint MFB, Opay, Kuda Bank, and others have now been upgraded. In practice, their operations are already nationwide,” Solaja stated.
He noted that despite the digital nature of their services, the CBN still requires these institutions to maintain physical offices to support customers, especially those in the informal sector who may need in-person assistance for dispute resolution and customer service.
With the upgrade to national licences, the affected fintech firms are now subject to higher regulatory standards, including increased capital requirements. National microfinance banks are required to maintain a minimum capital base of ₦5 billion, in addition to strict compliance with operational and consumer-protection guidelines.
The move follows earlier enforcement actions by the CBN. In 2024, Moniepoint and Opay were fined a combined ₦1 billion over lapses in Know-Your-Customer (KYC) compliance, underscoring the regulator’s resolve to strengthen oversight within Nigeria’s fast-growing digital financial services sector.
The licence upgrade is expected to deepen financial inclusion, enhance consumer confidence, and further integrate fintech services into Nigeria’s formal banking system.
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