CBN Grants Nationwide Licences to Moniepoint, Opay, Kuda, and Others
The Central Bank of Nigeria (CBN) has issued full national operating licenses to several prominent fintech firms and microfinance banks, permitting them to engage in comprehensive banking operations across the country.
This regulatory milestone applies to rapidly expanding institutions such as Moniepoint Microfinance Bank, OPay, Kuda Bank, PalmPay, and Paga, whose digital platforms and agent networks have extended beyond regional confines.
Yemi Solaja, Director of Other Financial Institutions Supervision at the CBN, confirmed this development during the Annual Conference of the Committee of Heads of Banks’ Operations in Lagos. He stated that these institutions had already been operating nationwide, and the license formalizes their existing activities.
Solaja emphasized that the CBN continues to value physical branch presence, especially given that many digital financial service users operate within the informal sector and rely on accessible channels for complaints and dispute resolution.
“With the issuance of these licenses, these institutions are now subject to stricter regulatory standards,” he explained.
He also noted that the new licensing regime entails higher capital requirements, including a minimum capital base of N5 billion for national microfinance banks.
The CBN highlighted that this approval supports its broader goal of deepening financial inclusion while enhancing compliance, consumer protection, and risk management within Nigeria’s rapidly evolving digital finance sector.
Furthermore, the bank recalled that in 2024, it imposed N1 billion fines on Moniepoint and OPay for KYC violations, underscoring its commitment to tighter regulatory oversight of fintech operations.
