CBN Grants National Licences to Opay, Moniepoint, Palmpay, Others

The Central Bank of Nigeria (CBN) has upgraded the operating licences of several leading fintech companies and microfinance banks, including Opay and Moniepoint, granting them national status and authorising them to operate across the country.

The upgrade covers major players such as Moniepoint Microfinance Bank, Opay, Kuda Bank, Palmpay and Paga, whose rapid expansion through mobile platforms and extensive agent networks has seen them outgrow their previous regional licences.

The Director of the CBN’s Other Financial Institutions Supervision Department, Yemi Solaja, confirmed the development in Lagos during the annual conference of the Committee of Heads of Banks’ Operations.

“Institutions like Moniepoint MFB, Opay, Kuda Bank and others have now been upgraded. In practice, their operations are already nationwide,” Solaja said.

He stressed the need for fintech firms to maintain a physical presence to support customers, particularly those in the informal sector. According to him, accessible offices are necessary to resolve disputes and address customer complaints effectively.

With the new national licences, the affected institutions will be required to meet higher regulatory standards, including increased capital thresholds such as the N5 billion minimum for national microfinance banks. They are also expected to maintain offices dedicated to customer engagement and dispute resolution, even as they continue to promote financial inclusion.

The move follows earlier regulatory actions by the apex bank, including fines imposed in 2024 on Moniepoint and Opay over lapses in Know Your Customer (KYC) compliance. The CBN said the licence upgrades reflect its broader efforts to strengthen oversight, improve consumer protection and raise standards in Nigeria’s fast-growing digital finance sector.