The Central Bank of Nigeria (CBN) has granted national operating licences to several leading FinTech companies and Microfinance Banks, clearing them to provide services across the country after meeting enhanced regulatory standards.
The licence upgrade covers some of the biggest names in Nigeria’s digital finance ecosystem, including Moniepoint Microfinance Bank, Opay, Kuda Bank, Palmpay and Paga. These institutions, which have grown rapidly on the back of mobile platforms and wide agent networks, were previously operating under regional or state-level approvals.
Speaking in Lagos at the annual conference of the Committee of Heads of Banks’ Operations, the CBN’s Director of Other Financial Institutions Supervision, Yemi Solaja, confirmed the development. He noted that the affected firms had already expanded far beyond the scope of their earlier licences.
“Many of these institutions are effectively operating nationwide already,” Solaja said, adding that their formal upgrade simply aligns regulation with operational reality.
Despite their technology-driven business models, Solaja emphasised that FinTech firms are still required to maintain physical offices to properly support customers, particularly those within the informal economy. According to him, accessible points of contact are critical for resolving complaints and protecting consumers.
The CBN explained that the national licence status comes with tougher obligations. Affected institutions must now meet higher capital thresholds and comply with stricter governance and operational standards. In the case of national Microfinance Banks, this includes a minimum capital base of ₦5 billion, as well as dedicated offices for customer support and dispute resolution.
The regulator said the move is part of broader reforms aimed at encouraging innovation while preserving financial stability, especially as digital financial services continue to scale rapidly.
The licence upgrade also follows recent enforcement actions by the apex bank to strengthen compliance within the sector. In 2024, the CBN fined Moniepoint and Opay ₦1 billion each over Know-Your-Customer (KYC) violations, underscoring its determination to tighten oversight as FinTechs expand their reach.
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Analysts say the decision reflects the CBN’s growing acknowledgement of the central role FinTechs now play in Nigeria’s economy, while signalling a more robust regulatory approach to managing their increasing influence and customer base.
