The Central Bank of Nigeria (CBN) has upgraded the licences of Moniepoint and several major fintechs and microfinance banks (MFBs) to national status, recognising their operations across the country.
Mr. Yemi Solaja, Director of the Other Financial Institutions Supervision Department at CBN, announced the upgrades at the annual Committee of Heads of Banks’ Operations conference in Lagos. He noted that many fintechs had grown rapidly, building nationwide customer bases despite initially holding limited regional licences.
“Institutions like Moniepoint, Opay, and Kuda Bank have already been upgraded. Their activities now span the entire country,” Solaja said. He added that the upgrade process is not automatic; national licences are granted only after institutions meet key regulatory benchmarks.
The move aligns licensing with the actual operational footprint of these fintechs and MFBs, ensuring proper regulatory oversight while supporting CBN’s drive to reduce cash outside banks and deepen financial inclusion. Solaja also encouraged collaboration between commercial banks and fintechs to strengthen “digital-first” banking operations and reach informal channels.
With national status, these institutions are now subject to stricter capital requirements and compliance standards. For instance, national MFBs must maintain a minimum capital of N5 billion. Despite being digitally driven, they must also maintain a physical presence in key locations to resolve disputes and serve customers in underserved areas.
Fintechs and MFBs such as Moniepoint, Opay, Kuda Bank, and Paga operate extensive agent networks across Nigeria. These networks help manage cash flows in both rural and urban areas and provide face-to-face support where needed. The CBN sees these networks as critical for formalising digital finance and building trust in the financial system.
