The Central Bank of Nigeria (CBN) has officially elevated the licenses of major fintech giants and microfinance banks (MFBs), including OPay, Moniepoint, Kuda Bank, PalmPay, and Paga, to national status.
This regulatory upgrade was confirmed by Yemi Solaja, Director of the Other Financial Institutions Supervision Department, during the annual conference of the Committee of Heads of Banks’ Operations in Lagos.
He stated: “Institutions like Moniepoint MFB, Opay, Kuda Bank, and others have now been upgraded. In practice, their operations are already nationwide.”
The move effectively legalizes the country-wide reach these digital platforms had already achieved through mobile apps and agent networks.
Solaja underscored that physical offices remain vital for supporting the informal sector, noting: “Most of their customers operate in the informal sector. They need a clear point of contact if any issues arise.”
Under these national licenses, the institutions must now adhere to stricter standards, including a N5 billion minimum capital requirement for national MFBs.
They are also required to maintain physical locations specifically for dispute resolution.
This shift comes on the heels of intense regulatory scrutiny. In 2024, the CBN imposed N1 billion fines on both Moniepoint and OPay for failing to meet Know Your Customer (KYC) requirements, highlighting the apex bank’s focus on strengthening digital finance oversight.
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