Leading financial technology companies and microfinance institutions in Nigeria, including Opay, Moniepoint, Kuda Bank, Palmpay, and Paga, have received nationwide operating licenses from the Central Bank of Nigeria (CBN) after meeting regulatory compliance standards.
The license upgrades recognize the rapid expansion of these digital financial service providers, whose mobile-based platforms and extensive agent networks have enabled them to outpace the limitations of their former regional authorizations.
Speaking at the annual conference of the Committee of Heads of Banks’ Operations in Lagos, Yemi Solaja, Director of the Other Financial Institutions Supervision Department, confirmed the development. “Institutions like Moniepoint MFB, Opay, Kuda Bank, and others have now been upgraded. In practice, their operations are already nationwide,” he stated.
Solaja highlighted the need for these companies to maintain physical service points, particularly given their customer base. “Most of their customers operate in the informal sector. They need a clear point of contact if any issues arise,” he explained.
The national license designation comes with stricter requirements, including minimum capital of N5 billion for national microfinance banks and the obligation to establish offices for handling customer complaints and disputes. Despite these higher standards, the companies are expected to continue advancing financial inclusion across Nigeria.
This regulatory upgrade follows enforcement measures taken in 2024, when the CBN imposed N1 billion fines on both Moniepoint and Opay for violations related to Know Your Customer (KYC) protocols, reflecting the regulator’s commitment to maintaining robust oversight of the digital finance sector.
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