Business Briefings
CBN Upgrades Opay, Moniepoint, Others to National Licence Status
The Central Bank of Nigeria has upgraded the operating licences of selected financial technology companies and microfinance banks with nationwide operations to national status.
The move was disclosed during a banking operations conference in Lagos, where regulators explained that the decision was aimed at aligning licensing structures with the actual scale of operations of fast-growing digital financial institutions.
According to the apex bank, several FinTechs and tech-driven microfinance banks now operate across Nigeria despite holding licences originally designed for limited geographic coverage. The upgrades are intended to ensure appropriate regulatory oversight and consumer protection.
Institutions such as Moniepoint, Opay, Kuda Bank, and other similar platforms were identified as having already transitioned to national licences after meeting regulatory requirements.
The central bank noted that the licence upgrades were not automatic, stressing that affected institutions were required to satisfy capital, governance, risk management, and compliance benchmarks before approval.
Regulators also encouraged stronger collaboration between commercial banks and FinTechs, particularly in addressing the persistent challenge of cash circulating outside the formal banking system.
The CBN emphasised that despite being digitally focused, nationally licensed FinTechs and microfinance banks are expected to maintain physical touchpoints in key locations to support dispute resolution and serve customers in the informal sector.
-
NNPC completes River Niger crossing of OB3 gas pipeline, boosts national gas network
By: Amarachi Okonkwo The NNPC Gas Infrastructure Company (NGIC), a subsidiary of NNPC Limited, has completed the River Niger Crossing of the 130-kilometre Obiafu-Obrikom-Oben (OB3) Gas Pipeline, marking a major milestone in Nigeria’s gas infrastructure expansion. The crossing, executed approximately two kilometres beneath the River Niger riverbed, was delivered using advanced horizontal directional drilling (HDD)…
-
Naira stability, rising GDP spark hopes of poverty decline
By: Amarachi Okonkwo Nigeria’s economy may be entering a recovery phase, with output growth now surpassing population expansion, a shift analysts say could lay the groundwork for sustained poverty reduction if maintained. This is the central finding of a new report by Quartus Economics, which points to a strong rebound in 2025 following a challenging…
-
Nigeria, Malaysia trade hits N1.82tn in five-year Surge
By: Amarachi Okonkwo Nigeria’s trade relationship with Malaysia has deepened significantly, with total bilateral trade reaching approximately N1.82 trillion over the past five years, according to the Nigeria Customs Service (NCS). In a statement issued on Thursday, the agency’s National Public Relations Officer, Abdullahi Maiwada, disclosed that imports from Malaysia rose sharply from N159.9 billion…