CBN Grants National Banking Licences to Opay, Moniepoint, Kuda and Other Fintechs

The Central Bank of Nigeria (CBN) has upgraded the operating licences of several leading fintech companies and microfinance banks to full national status, formally recognising their nationwide operations.

Fintechs and digital banks affected by the upgrade include Opay, Moniepoint, Kuda Bank, and PalmPay, among others. The move brings their legal status in line with the scale of their activities, which had previously been constrained by unit, state, or tiered licensing frameworks.

Many of the affected institutions have long operated across Nigeria through mobile banking platforms and extensive agent networks, serving millions of customers well beyond the geographical limits of their former licenses.

The Director of the Other Financial Institutions Supervision Department at the CBN, Mr. Yemi Solaja, announced the development at a banking conference in Lagos. He said the revision was designed to ensure that regulatory oversight reflects the true operational footprint of the institutions.

Solaja noted that the upgrade would also provide greater clarity for customers on regulatory responsibility, including where to lodge complaints and seek redress when disputes arise.

With national licenses now in place, the fintechs and microfinance banks will be subject to stricter regulatory requirements, including higher capital thresholds and closer supervisory oversight. National microfinance banks, in particular, are required to maintain significantly higher capital levels than their state or unit counterparts.

The CBN said the move would further strengthen financial inclusion, given the central role fintech firms and agent banking networks play in extending financial services to rural and underserved communities. However, the regulator stressed that licensed institutions are expected to maintain physical touchpoints in strategic locations, reinforce internal control systems, and improve customer service standards, especially in the areas of know-your-customer (KYC) procedures and anti-money laundering (AML) compliance.

By formalising the nationwide status of these operators, the CBN aims to promote a more transparent, accountable and inclusive fintech ecosystem, while supporting the continued expansion of digital financial services across Nigeria.