CBN Upgrades Opay, Moniepoint, Kuda and Others to National Licences

The Central Bank of Nigeria has upgraded the operating licences of several leading fintech firms and microfinance banks, granting them national status and formally authorising them to operate nationwide.

Among the institutions affected are Opay, Moniepoint Microfinance Bank, Kuda Bank, PalmPay and Paga. The upgrade reflects the reality that these platforms already serve millions of customers nationwide through digital channels and agent networks, far beyond the limits of their former regional or specialised licences.

The CBN said the move is part of efforts to align regulation with the rapid expansion of digital financial services in Nigeria. Fintech companies have become central to everyday banking activities, including payments, transfers, bill payments and access to savings and credit, particularly for small businesses and individuals outside the traditional banking system.

With the new national licences, the affected institutions are now required to meet stricter regulatory standards, including higher capital requirements and the establishment of physical offices in key locations across the country. The central bank says this will improve consumer protection, strengthen supervision and ensure better customer support.

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Officials stressed that the upgrades were not automatic and that only institutions that met compliance, governance and risk management requirements were approved. The CBN also reiterated its commitment to enforcing know-your-customer and anti-money laundering rules across the sector.

Industry observers say the decision marks a significant moment for Nigeria’s financial system, effectively recognising fintech firms as core players rather than peripheral disruptors. It also signals tighter oversight at a time when digital banking is growing rapidly amid economic pressure and declining trust in traditional institutions.

For customers, the licence upgrades are expected to bring greater stability, accountability, and expanded services as fintech firms scale their operations under more precise national regulation.

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