CBN GRANTS NATIONWIDE LICENCES TO OPAY, MONIEPOINT, PALMPAY, OTHERS

By: Abdul Qoyyum Adeshola, Badmus.

Date: Tuesday, 27th January, 2026 (8th Sha'ban, 1447AH).

THE Central Bank of Nigeria (CBN) has approved the upgrade of operating licences for several leading financial technology firms and microfinance banks, granting them national authorisation to operate across the country.

The affected institutions include Moniepoint Microfinance Bank, Opay, Kuda Bank, Palmpay and Paga. The licence upgrade follows their compliance with regulatory requirements set by the apex bank.

Over the years, these fintech firms have recorded significant growth, driven largely by mobile technology and expansive agent banking networks. Their rapid expansion had already pushed their services beyond the limits of their former regional licences.

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

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

He explained that the national licence status comes with additional responsibilities, particularly the need to strengthen customer support through physical offices. According to him, many users of digital financial services operate within the informal sector and require accessible points of contact when challenges arise.

“Most of their customers are in the informal sector. They need to know where to go and who to speak with if there is a problem,” he noted.

With the new approval, the fintech firms are now subject to stricter regulatory conditions, including higher capital requirements. For instance, national microfinance banks are required to maintain a minimum capital base of N5 billion, while also establishing offices dedicated to customer service and dispute resolution.

The CBN said the move is aimed at improving consumer protection, strengthening regulatory oversight, and sustaining the drive for financial inclusion across the country.

The licence upgrade comes amid ongoing regulatory reforms in Nigeria’s digital finance space. In 2024, the apex bank imposed fines of N1 billion each on Moniepoint and Opay over violations related to Know Your Customer (KYC) compliance, underscoring its resolve to enforce standards within the sector.