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

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

The Central Bank of Nigeria (CBN) has upgraded the operating licences of leading fintech companies and microfinance banks to national status, allowing them to operate across all 36 states and the Federal Capital Territory (FCT). The move reflects the rapid growth of digital financial services and aims to strengthen regulatory oversight and consumer protection.

Major firms granted national licences include Opay, Moniepoint Microfinance Bank, Palmpay, Kuda Bank, and Paga, which have expanded well beyond their regional operations. CBN officials said the upgrade was only granted to institutions that met strict regulatory requirements, including enhanced capital thresholds, governance standards, and risk management frameworks.

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Yemi Solaja, Director of CBN’s Other Financial Institutions Supervision Department, explained that the move ensures that fintech companies’ licences align with their operational scale, improving supervision, accountability, and financial inclusion. Analysts say the policy will also boost competition, accelerate digital banking adoption, and support Nigeria’s cashless economy goals.

The CBN emphasized that national licence holders must maintain robust physical and digital service networks to safeguard customer access, even as mobile technology drives most transactions. With the upgrade, these fintech firms are now better positioned to expand agent networks, payment solutions, and mobile wallet services across the country.

This decision underscores Nigeria’s growing fintech ecosystem and the central bank’s commitment to modernizing financial services while protecting consumers.

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