LAGOS – In a major regulatory shift, the Central Bank of Nigeria (CBN) has granted national operating licenses to leading financial technology companies, including Opay, Moniepoint, Kuda Bank, Palmpay, and Paga.
The upgrade, confirmed by CBN Director Yemi Solaja at a banking conference in Lagos, formally recognizes the nationwide operational scale these digital banks have already achieved through mobile technology and extensive agent networks. This move transitions them from their previous regional licensing status.
“Institutions like Moniepoint MFB, Opay, Kuda Bank, and others have now been upgraded. In practice, their operations are already nationwide,” Solaja stated. He emphasized that the new status comes with enhanced responsibilities, including the requirement to establish physical offices across the country to serve customers, particularly in the informal sector.
With national licenses, these institutions are now subject to higher regulatory capital requirements—such as the ₦5 billion benchmark for national Microfinance Banks—and must maintain clear channels for customer support and dispute resolution.
This development follows previous regulatory actions, including significant fines imposed on some of these firms in 2024 for Know-Your-Customer (KYC) violations, underscoring the CBN’s balancing act between fostering innovation and enforcing financial system integrity.
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Disclaimer: This report is based on official statements from the Central Bank of Nigeria. The regulatory status and requirements for the mentioned institutions are as declared by the apex bank.
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