Business

CBN grants national banking licences to Opay, Moniepoint, others

 

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

Others that benefited from the upgrade include Kuda Bank, Palmpay and Paga, whose rapid expansion through mobile platforms and extensive agent networks has seen them outgrow their former regional licences.

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

According to him, many of the affected institutions were already operating nationwide in practice before the formal regulatory upgrade.

“Institutions like Moniepoint MFB, Opay, Kuda Bank and others have now been upgraded. In reality, their operations have long gone beyond regional boundaries,” Solaja said.

He stressed the need for stronger physical presence and customer engagement, noting that most fintech customers operate within the informal sector and require accessible points of contact for dispute resolution.

“With their growing customer base, it is important that these institutions have offices where customers can walk in and resolve issues when they arise,” he added.

Under the new national licence framework, the fintech firms are subject to higher regulatory and capital requirements, including a minimum capital base of ₦5 billion for national microfinance banks, as well as mandatory offices dedicated to customer complaints and dispute management.

The regulatory upgrade comes amid the CBN’s broader effort to strengthen oversight in the digital financial services space, following previous enforcement actions against some operators.

In 2024, the apex bank imposed ₦1 billion fines each on Moniepoint and Opay over breaches related to Know-Your-Customer (KYC) requirements, signalling a tougher stance on compliance even as it promotes financial inclusion.

Olayinka Babatunde

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