The Central Bank of Nigeria (CBN) has upgraded the licences of major FinTech companies and Micro Finance Banks (MFB), including Opay and Moniepoint to national status, allowing them to operate across the country following compliance with regulatory requirements.
The upgrade applies to key players such as Moniepoint MFB, Opay, Kuda Bank, Palmpay, and Paga, which have grown rapidly through mobile technology and agent networks, effectively outgrowing their previous regional licenses.
At the annual conference of the Committee of Heads of Banks’ Operations in Lagos, the Director of the Other Financial Institutions Supervision Department, Yemi Solaja said: ‘Institutions like Moniepoint MFB, Opay, Kuda Bank, and others have now been upgraded. In practice, their operations are already nationwide’.
Solaja emphasised the importance of physical presence for customer support, noting ‘Most of their customers operate in the informal sector. They need a clear point of contact if any issues arise’.
With national licenses, these FinTechs are subject to higher capital requirements, for example, N5 billion for national MFBs, and must maintain offices for dispute resolution while continuing to drive financial inclusion.
The reform follows previous enforcement actions, including 2024 penalties of N1 billion each on Moniepoint and Opay for Know Your Customer (KYC) non-compliance, underscoring the CBN’s ongoing efforts to strengthen standards in digital finance.
