The Central Bank of Nigeria (CBN) has upgraded the licenses of major fintech companies, including Opay, Moniepoint, and Palmpay, to national status, allowing them to operate across the country. This move is aimed at enhancing financial inclusion and increasing access to banking services, particularly in underserved areas.
The upgraded licenses were announced by Yemi Solaja, Director of the Other Financial Institutions Supervision Department, at the annual conference of the Committee of Heads of Banks’ Operations in Lagos. Solaja stated that the institutions had met the required regulatory standards, including higher capital requirements and maintaining physical offices for dispute resolution.
The national licenses come with stricter regulatory oversight, including a minimum capital base of ₦5 billion for national microfinance banks. The CBN also emphasized the importance of physical presence for customer support, particularly for those operating in the informal sector.
This development is expected to boost confidence in the digital finance sector and promote innovation, while ensuring stability and consumer protection. The CBN had previously imposed fines on Moniepoint and Opay for non-compliance with Know Your Customer (KYC) requirements, highlighting its commitment to strengthening regulatory standards.
