CBN grants full national licenses to Opay, Moniepoint, Kuda and others

• The Central Bank of Nigeria (CBN) has upgraded the licenses of major FinTechs and microfinance banks (MFBs) to national status.

• Companies that were upgraded include OPay, Moniepoint, Kuda Bank, and others.
• The upgrade reflects their actual operations across Nigeria, rather than being limited to certain regions.
• National status brings stricter regulatory oversight, higher capital requirements, and ensures customers know where to report issues.
• The move supports financial inclusion by aligning regulation with the digital reach of these institutions.

The Central Bank of Nigeria (CBN) has upgraded the licenses of several major fintechs and microfinance banks, including Opay, Moniepoint, and Kuda, giving them full national operating status.

Yemi Solaja, the director of the Other Financial Institutions Supervision Department at the Central Bank of Nigeria (CBN), announced the update during a banking conference in Lagos. He stated that the CBN decided to revise the licenses of these financial institutions to reflect their current widespread operations throughout Nigeria.

For years, many of these digital banks and fintech platforms had expanded nationwide despite holding licenses that were originally limited to certain regions or tiers. The new status formally recognises their scale and brings them under tighter regulatory oversight.

CBN moves fintechs from limited licenses to nationwide reach

Previously, most fintechs and microfinance banks were licensed as unit, state, or tiered operators, meaning they were permitted to operate only within specific geographic areas. But platforms like Opay, Moniepoint, Kuda, and PalmPay quickly grew beyond those limits, building large customer bases through mobile apps and agent networks across Nigeria.

The Central Bank of Nigeria (CBN) stated that there was a discrepancy between the original licenses of these companies and their actual operations. By upgrading them to national status, the CBN is resolving this discrepancy, ensuring their legal status reflects their actual activities.

According to the CBN, customers need clarity on where to report complaints and resolve disputes, especially when financial services are delivered digitally rather than through physical branches.

With national licenses, these companies will now face stricter compliance rules, higher capital requirements, and closer supervision. For example, national microfinance banks are required to maintain significantly higher capital levels than state or unit operators.

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Fintechs and agent networks already play a major role in moving money in rural and underserved areas, and the CBN sees them as critical tools for improving financial inclusion, as long as they operate within strong regulatory frameworks.

Still, the upgrade also raises expectations. These companies will now be expected to maintain physical touchpoints in key areas, improve customer service structures, and strengthen internal controls, especially around know-your-customer (KYC) and anti-money laundering processes.