The Central Bank of Nigeria (CBN) has upgraded the operating licences of several major financial technology firms and microfinance banks (MFBs) to national status, enabling them to operate across all 36 states and the Federal Capital Territory.
Director of the Other Financial Institutions Supervision Department at the CBN, Yemi Solaja, announced the development during the annual Committee of Heads of Banks’ Operations (CHBOs) conference in Lagos. He explained that the licence upgrade is not automatic, noting that institutions had to meet specific regulatory, compliance, and operational benchmarks to qualify.
According to Solaja, many digital lenders and payment service providers had already expanded their operations beyond the limits of their original licences. The CBN’s formal upgrade ensures their authorisations now reflect their nationwide reach.
Major players benefiting from the licence upgrade include Moniepoint Microfinance Bank, OPay, Kuda Bank, and other fintech operators, all of which can now operate fully across Nigeria rather than within restricted regions.
The CBN said the move is designed to strengthen regulatory oversight over fast-growing fintechs while supporting the continued expansion of financial inclusion in the country. By formalising the nationwide operations of these firms, the regulator aims to ensure that their growth is accompanied by robust compliance and risk management frameworks.
The upgrade is expected to boost access to digital financial services for underserved communities, streamline operations for fintechs, and enhance transparency and accountability within the sector.
Leave a comment