The Central Bank of Nigeria (CBN) has approved the operating licence upgrades for major financial technology (fintech) companies and microfinance banks (MFBs), including Opay, Moniepoint, Kuda, PalmPay, Paga and others, allowing them to operate with national status across all 36 states and the Federal Capital Territory.
According to a Thursday statement posted on the official X handle of the National Orientation Agency, the upgrade officially recognises that the digital finance companies serve customers nationwide, having outgrown regional operations, and require proper licensing to operate legally across the nation.
The statement revealed that the upgrade comes with stricter operational rules for the companies, which include higher capital requirements, stronger regulatory oversight, better customer protection, and clearer channels for resolving complaints.
The statement reads, “The upgrade also helps close regulatory gaps, ensures customer funds are better protected, and strengthens confidence in Nigeria’s digital financial system.
“It supports the continued drive for financial inclusion, as these platforms play a major role in reaching people and businesses that traditional banks may not easily serve.”
The statement added, “The upgrade does not transform the fintech companies and MFBs into traditional commercial banks. Rather, it ensures that as they grow and operate nationwide, they do so under tighter supervision to keep the financial system stable and secure.”
