The Central Bank of Nigeria (CBN) has authorised upgraded operating licences for leading financial technology companies and microfinance banks, including Opay, Moniepoint, Kuda, PalmPay, and Paga. With this approval, these institutions can now function on a national scale across Nigeria’s 36 states and the Federal Capital Territory.
In a statement released on Thursday through the official X (formerly Twitter) account of the National Orientation Agency, the development formally acknowledges that these digital financial service providers now serve customers across the entire country. Having expanded beyond regional coverage, they now require appropriate national licences to operate lawfully nationwide.
The announcement explained that the licence upgrade introduces more rigorous operational standards for the affected companies. These include increased capital thresholds, enhanced regulatory supervision, improved customer protection measures, and more transparent systems for handling customer complaints.
According to the statement, “This upgrade helps eliminate regulatory loopholes, improves the safeguarding of customer funds, and boosts trust in Nigeria’s digital financial ecosystem.
“It also supports ongoing financial inclusion efforts, as these platforms are instrumental in reaching individuals and small businesses that may not have easy access to traditional banking services.”
The statement further clarified, “This change does not convert fintech companies or microfinance banks into conventional commercial banks. Instead, it ensures that as their operations expand nationwide, they remain under stricter oversight to maintain stability and security within the financial system
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