CBN UPGRADES OPAY, MONIEPOINT, KUDA, OTHERS TO NATIONAL LICENCES
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By Aishat Momoh. O.
The Central Bank of Nigeria (CBN) has upgraded the operating licences of major financial technology firms and microfinance banks, including Opay and Moniepoint, granting them national status and allowing them to operate across the country.
The upgrade applies to fast-growing players such as Moniepoint Microfinance Bank, Opay, Kuda Bank, Palmpay, and Paga, which have expanded rapidly through mobile technology and extensive agent networks, effectively outgrowing their former regional licences.
Director of the Other Financial Institutions Supervision Department at the CBN, Yemi Solaja, confirmed the development in Lagos during the annual conference of the Committee of Heads of Banks’ Operations.
“Institutions like Moniepoint MFB, Opay, Kuda Bank, and others have now been upgraded. In practice, their operations are already nationwide,” Solaja said.
He stressed the need for physical customer support infrastructure, noting that many users operate within the informal sector and require accessible points of contact to resolve disputes.
“Most of their customers operate in the informal sector. They need a clear point of contact if any issues arise,” he added.
With their new national licences, the fintech firms are now subject to stricter regulatory requirements, including higher capital thresholds — such as the N5 billion minimum capital requirement for national microfinance banks — and the obligation to maintain physical offices for customer dispute resolution.
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The move aligns with the CBN’s broader efforts to strengthen oversight in the digital finance space while supporting financial inclusion.
It also follows earlier enforcement actions by the apex bank, including fines of N1 billion each imposed on Moniepoint and Opay in 2024 over Know-Your-Customer (KYC) compliance breaches, highlighting the regulator’s push to enforce higher standards across the sector.
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