The Central Bank of Nigeria has granted national operating licences to OPay, Moniepoint, Kuda, and other fintech companies. The CBN fintech licence upgrade addresses a growing gap between where these platforms were allowed to work and where they actually serve customers.
For years, companies like OPay and Moniepoint operated with regional or state-level permissions. Their mobile apps and agent networks reached customers in every state, but their licences did not match this reality. The CBN noticed this mismatch and decided to formalise what was already happening on the ground.
Yemi Solaja, director of the Other Financial Institutions Supervision Department at the CBN, announced the licence upgrades during the annual Committee of Heads of Banks Operations conference in Lagos on January 23, 2026. He explained that the CBN fintech licence upgrade brings these fast-growing companies under proper nationwide regulation.
The CBN fintech licence upgrade affects major players in Nigeria’s digital finance space. Moniepoint Microfinance Bank, OPay, Kuda Bank, PalmPay, and Paga now hold national licences. These companies can legally operate in all 36 states and the Federal Capital Territory without restrictions.
Before this change, many fintechs held unit or state-level licences. These permits limited where they could officially conduct business. Despite these limits, the platforms built customer bases nationwide through mobile apps and thousands of agents.
Solaja told attendees at the Lagos conference that many institutions had outgrown their original licences. “Institutions like Moniepoint MFB, Opay, Kuda Bank and others have already been upgraded. In reality, their activities are now all over the country,” he said during his presentation.
The CBN fintech licence upgrade matches official permissions with actual operations, giving the central bank better oversight of how these companies work.
Companies must also meet stricter compliance and reporting standards. The central bank will monitor their operations more closely than before. This includes regular audits, financial disclosures, and performance reports to track stability risks across the financial system.
The CBN requires institutions to establish physical branches or service centres in key locations. Digital platforms must now maintain offices where customers can walk in for support. This requirement addresses concerns about customers who need face-to-face help with disputes or transaction problems.
Solaja emphasised this point at the conference, noting that many fintech customers operate in the informal economy. “Most of their customers are informal people. They need to know where to report to when there is a problem,” he explained.
This brings consumer protection benefits alongside new requirements. Physical branches mean customers have somewhere to go when things go wrong. Transaction reversals, complaint handling, and dispute resolution should improve with in-person support options.
National oversight also means tighter monitoring of data protection and cybersecurity. As these platforms handle more customer information across all states, the CBN will pay closer attention to how they protect personal and financial data.
The central bank can impose stricter penalties for violations under national licences. Companies face potential fines, operational restrictions, or even licence withdrawal if they breach regulations. This creates stronger incentives to follow the rules.
The changes also distinguish licensed platforms from smaller, unregulated operators. Customers can identify which companies have met CBN standards for capital, compliance, and consumer protection. This clarity helps users make informed choices about where to keep their money.
Despite the upgrade, these fintechs remain distinct from commercial banks. They operate as microfinance banks or payment service providers with specific licence categories. They cannot offer all the services that deposit money banks provide, such as foreign exchange services or certain types of lending.
