The Central Bank of Nigeria (CBN) has officially upgraded the operating licences of several major financial technology (FinTech) companies and microfinance banks (MFBs), including Opay and Moniepoint Microfinance Bank, to national status, allowing them to operate legally across all 36 states and the Federal Capital Territory.
The announcement was made at the annual Committee of Heads of Banks’ Operations (CHBOs) conference in Lagos on January 26, 2026.
The upgrades reflect the rapid expansion of digital financial services in Nigeria and aim to align regulatory classification with the broader operational footprints of these institutions, which have grown beyond regional limitations through extensive mobile technology and agent networks.
Regulators said the move is intended to enhance oversight and strengthen consumer protection as these platforms serve customers nationwide.
CBN Director of the Other Financial Institutions Supervision Department, Yemi Solaja, said the licence revisions followed a comprehensive regulatory assessment.
He emphasised that the transition to national licences was not automatic, but contingent on meeting specific compliance, governance and operational standards set by the apex bank.
Under the new licence framework, institutions such as Moniepoint MFB, Opay, Kuda Bank, Palmpay and Paga are now recognised as national operators authorised to provide financial services throughout Nigeria.
The upgraded status formalises nationwide operations previously conducted under limited regional licences.
The national licence status subjects affected fintechs and MFBs to enhanced regulatory requirements, including higher capital thresholds and strengthened compliance obligations aimed at safeguarding customers and maintaining financial stability.
For example, national MFBs now must maintain a minimum capital base of about ₦5 billion, up from ₦2 billion under the earlier structure.
The CBN has also mandated that fintech firms, despite their digital nature, maintain physical service locations in strategic areas to improve customer support and facilitate dispute resolution, particularly for users in the informal sector.
Officials said this measure will provide clearer avenues for customer recourse and improve service delivery beyond digital platforms alone.
Regulatory authorities noted that the upgrade addresses a previous disconnect between licence categories and actual business operations, closing a gap that had enabled digital platforms to serve nationwide markets while operating under regional licences.
Strengthening the regulatory framework is central to supporting the apex bank’s broader financial inclusion goals and efforts to deepen the cashless economy.
Financial analysts welcomed the move but emphasised the need for continued vigilance to ensure that rapid innovation in Nigeria’s digital finance sector does not outpace regulatory capacity.
They said effective oversight, combined with consumer education, will be critical to maintaining trust in digital financial services as they become more integral to everyday transactions.
The national licence upgrades mark a significant regulatory milestone in Nigeria’s fintech landscape, signalling increased formalisation of the sector and reinforcing the CBN’s commitment to balancing innovation with robust governance and consumer protection.
