The Central Bank of Nigeria (CBN) has upgraded the operating licences of major FinTech companies and Microfinance Banks to national status, allowing them to operate across the country. Beneficiaries include Opay, Moniepoint Microfinance Bank, Kuda Bank, Palmpay and Paga.
The development was confirmed in Lagos by the Director of Other Financial Institutions Supervision at the CBN, Yemi Solaja, during the annual conference of the Committee of Heads of Banks’ Operations. He explained that the affected institutions had outgrown their former regional licences, as their services already span nationwide through digital platforms and agent networks.
Solaja noted that despite their technology-driven models, FinTech firms are required to maintain physical offices to support customers, particularly those in the informal sector. With the upgrade, the institutions will now meet higher capital requirements, including a minimum ₦5bn for national Microfinance Banks, alongside stricter consumer protection standards.
The CBN said the move balances innovation with regulatory stability as Nigeria’s digital finance sector continues to expand.
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