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.