The Central Bank of Nigeria (CBN) has upgraded the operating licences of selected FinTech companies and Microfinance Banks (MFBs), including Opay, Moniepoint and Kuda Bank, granting them national status in recognition of their expanded nationwide operations.
The disclosure was made by Yemi Solaja, Director of the Other Financial Institutions Supervision Department (OFISD) at the CBN, during the annual conference of the Committee of Heads of Banks’ Operations (CHBOs) held in Lagos.
According to Solaja, the move is aimed at aligning regulatory licences with the actual operational footprint of FinTechs and tech-driven MFBs whose services now span the entire country.
“In reality, the activities of institutions like Moniepoint MFB, Opay and Kuda Bank are already nationwide,” he said. “Most of their customers are in the informal sector and need clarity on where to seek redress when issues arise.”
Solaja explained that the licence upgrades were not automatic, noting that affected institutions met key regulatory and compliance benchmarks before being granted national status.
He also called for stronger collaboration between commercial banks and FinTechs to reduce the volume of cash circulating outside the formal banking system and accelerate the adoption of digital-first banking models.
The upgrade comes amid rapid growth in Nigeria’s FinTech ecosystem, driven by mobile technology and extensive agent banking networks. Many operators, initially licensed to serve limited regions, expanded nationwide, creating a regulatory gap between the scope of their licences and operational reality.
With national licences now in place, FinTechs and MFBs will be subject to higher capital requirements and stricter compliance standards, including a minimum capital base of ₦5 billion for national MFBs, up from ₦2 billion.
The CBN said the move reflects a broader effort to strengthen oversight, deepen financial inclusion, and enhance confidence in Nigeria’s digital financial system.
