CBN grants national licences to OPay, Moniepoint, Kuda, others

The Central Bank of Nigeria (CBN) has upgraded the operating licences of several leading financial technology companies and microfinance banks, including OPay and Moniepoint, to national status, allowing them to operate across the country.

The upgrade follows the companies’ compliance with regulatory requirements and reflects the rapid expansion of their operations beyond their previous regional licence limits.

Beneficiaries of the licence upgrade include Moniepoint Microfinance Bank, OPay, Kuda Bank, PalmPay, and Paga, all of which have grown significantly through mobile technology and extensive agent networks.

Confirming the development in Lagos, the Director of the Other Financial Institutions Supervision Department of the CBN, Yemi Solaja, disclosed the move at the annual conference of the Committee of Heads of Banks’ Operations.

“Institution­s like Moniepoint MFB, OPay, Kuda Bank, and others have now been upgraded. In practice, their operations are already nationwide,” Solaja said.

He stressed the importance of maintaining a physical presence for customer support, noting that most users of FinTech services operate within the informal sector.

“Most of their customers are in the informal space. They need a clear point of contact if any issues arise,” he added.

With the new national licences, the FinTech firms are now subject to higher regulatory obligations, including increased capital requirements—such as the N5 billion minimum capital for national microfinance banks—and the establishment of offices for dispute resolution.

The licence upgrade comes amid the CBN’s broader reforms aimed at strengthening oversight in the digital finance space. In 2024, the apex bank imposed fines of N1 billion each on Moniepoint and OPay for breaches related to Know-Your-Customer (KYC) regulations.

The CBN said the reforms are designed to enhance financial stability, improve consumer protection, and deepen financial inclusion across Nigeria.