The Central Bank of Nigeria (CBN) has approved the elevation of the operating licenses of several leading FinTech firms and Microfinance Banks to national status, enabling them to conduct business across Nigeria after meeting the required regulatory conditions.

The approval covers prominent institutions such as Moniepoint MFB, Opay, Kuda Bank, Palmpay, and Paga, whose rapid expansion through digital platforms and extensive agent networks had already taken them beyond the scope of their former regional licenses.

Speaking in Lagos at the annual conference of the Committee of Heads of Banks’ Operations, the Director of the Other Financial Institutions Supervision Department, Yemi Solaja, confirmed the upgrade. He explained that companies like Moniepoint MFB, Opay, Kuda Bank, and others have now been formally granted national status, adding that, in reality, their services had already reached customers nationwide.

Solaja stressed the need for a physical presence to support customers effectively, noting that a large proportion of their users operate within the informal sector and require accessible points of contact whenever issues arise.

Under the new national licenses, the FinTechs are required to meet stricter capital thresholds—such as the N5 billion minimum for national microfinance banks—and to maintain offices dedicated to handling customer complaints, even as they continue to expand access to financial services.

The move also builds on earlier regulatory actions by the CBN, including fines of N1 billion imposed on Moniepoint and Opay in 2024 for breaches related to Know Your Customer (KYC) requirements, highlighting the regulator’s resolve to enforce higher standards in Nigeria’s digital finance space.