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.
This move by CBN could either promote healthy competition or stifle smaller players in the financial sector. What do you think?
This move could boost financial inclusion or lead to monopolies. What do you think? Exciting times ahead!
Wow, do you think this move will really benefit consumers? Im curious to see how it plays out in the fintech industry.
Wow, national licenses for fintechs and microfinance banks? Will this level the playing field or stifle innovation? What do you think?
This move could boost financial inclusion, but will it also increase risks for consumers? Lets discuss!
Wow, this upgrade could shake up the financial industry! Do you think it will lead to more innovation or just more red tape?
I think the government should focus more on supporting traditional banks rather than giving national licenses to fintechs and microfinance banks.
Wow, why upgrade only Fintechs and Microfinance Banks? What about traditional banks? Seems unfair. #UnleashThePotential #FinancialEquality
Isnt this move by CBN a game-cer for the financial industry? Excited to see the impact on innovation and accessibility!
Wow, this move by CBN is either a game-cer or a recipe for disaster. What do you all think? 🤔 #Fintech #Microfinance #NationalLicences
I dont get why some people are against this upgrade. Its a step forward for financial inclusion! Lets embrace ce.
I think this move will boost innovation in the financial sector. Exciting times ahead for fintechs and microfinance banks!
Im not sure about this move. Will it really benefit consumers, or just make things more complicated? What do you all think?
I think this move could boost innovation in the financial sector, but also increase competition. Exciting times ahead!