The Central Bank of Nigeria (CBN) has upgraded the operating licences of several prominent financial technology companies and microfinance banks to national status, the bank announced after a conference in Lagos.
The upgrade allows these institutions to operate legally across Nigeria’s 36 states and the Federal Capital Territory.
The CBN disclosed the licence upgrades at the annual Committee of Heads of Banks’ Operations (CHBOs) conference in Lagos.
Mr. Yemi Solaja, Director of the CBN’s Other Financial Institutions Supervision Department, explained that the shift reflects the actual operational reach of these institutions. Many digital financial firms had expanded nationwide through mobile technology and extensive agent networks.
The regulator said the upgrade aligns licensing with current activities and strengthens oversight. Financial technology platforms have grown beyond the geographic limits of their original licences, creating a regulatory gap.
The institutions that received upgraded licences include:
Moniepoint Microfinance Bank
OPay
Kuda Bank
Palmpay
Paga
and other fintech operators.
These firms now hold licences under which they can offer services nationwide rather than within restricted regional or state boundaries.
With the national licences, the affected fintech companies and microfinance banks are subject to higher capital requirements and stricter compliance standards.
National microfinance banks must meet a minimum capital threshold of about ₦5 billion, significantly higher than previous requirements.
Regulators also emphasised the need for a physical presence in strategic locations to support customer service and dispute resolution, especially for users in the informal sector.
Mr. Solaja noted that the upgrade is conditional and not automatic. Only institutions that satisfy defined benchmarks for governance, operations, and compliance were approved.
The CBN said the move will improve regulatory oversight over digital finance platforms that serve millions of Nigerians.
It also supports the central bank’s efforts to deepen financial inclusion and reduce the volume of cash circulating outside the formal banking system.
The regulator believes that aligning licences with operational footprints will promote accountability and consumer protection in the growing fintech ecosystem.
The Central Bank of Nigeria has formally upgraded the licences of major fintech companies and microfinance banks to national status.
The change reflects these firms’ widespread operations and is aimed at strengthening regulatory oversight, consumer protection, and financial inclusion across Nigeria.
