OPay, Moniepoint, Kuda, Others Get National Licences as CBN Upgrades Fintech, MFB Permits

The Central Bank of Nigeria (CBN) has upgraded the operating licences of several leading financial technology firms and microfinance banks to national status, granting them approval to operate across all states of the federation.

The announcement was made by Yemi Solaja, Director of the Other Financial Institutions Supervision Department at the CBN, during the Annual Committee of Heads of Banks’ Operations (CHBOs) Conference held in Lagos.

Solaja explained that the upgrade is not automatic, stressing that institutions must meet specific compliance, governance and operational benchmarks before qualifying. He noted that many fintechs and digital lenders had expanded beyond the limits of their original licences, prompting the regulator to realign their operational status with their nationwide footprint.

Under the revised framework, major players including Moniepoint Microfinance Bank, OPay and Kuda Bank now hold national licences, allowing them to operate formally across Nigeria rather than within restricted regions.

According to the apex bank, the move is aimed at strengthening regulatory oversight of fast-growing digital financial institutions while sustaining momentum in expanding access to financial services nationwide.

CBN officials said the upgrade addresses a regulatory gap where fintechs were serving customers nationwide despite holding regionally restricted licences. The updated licences are expected to enhance supervision, consumer protection and overall financial system stability.

The new framework also mandates a physical presence in key locations to support customers who may require in-person assistance and dispute resolution, particularly in the informal sector. The CBN added that the changes would further support its cashless policy and financial inclusion drive.

As part of the new requirements, capital thresholds for national microfinance banks have been increased to about ₦5 billion, from ₦2 billion under the previous guidelines, alongside stricter reporting and compliance standards.

The apex bank further stated that licensed institutions are required to establish physical branches or service centres in major locations across the country to complement their digital operations and improve customer access.