CBN Grants National Licences to OPay, Moniepoint, PalmPay, Kuda and Paga

The Central Bank of Nigeria has upgraded the operating licences of some of the country’s biggest fintech players and selected microfinance banks to national status, clearing them to operate across all states after meeting regulatory requirements.

The upgrade covers major names including Moniepoint MFB, OPay, Kuda Bank, PalmPay and Paga. These firms have expanded rapidly in recent years using mobile apps and large agent networks, effectively running nationwide services even while operating under licence categories that were not originally designed for that scale.

CBN says their services already run nationwide

Speaking in Lagos at the annual conference of the Committee of Heads of Banks’ Operations, Yemi Solaja, Director of the CBN’s Other Financial Institutions Supervision Department, confirmed the development. 

He noted that in practical terms, many of these institutions have already been serving customers across the country, and the new national authorisation aligns the licensing framework with the reality on ground.

Physical touchpoints now a bigger focus

Solaja also stressed that national expansion is not only about digital reach. According to him, the regulator expects stronger customer support structures, especially because many users of these platforms are in the informal sector and need clear, accessible channels for complaints and dispute resolution when issues arise.

In plain terms, as these fintechs scale, the CBN wants them to look less like “apps you can’t reach” and more like financial institutions with visible, accountable service points.

Higher capital and stronger compliance expectations

With national licences comes tougher obligations. These institutions are expected to meet higher capital requirements and maintain operational structures that support national coverage. 

For example, national microfinance banks are required to meet a ₦5 billion capital threshold, along with stronger governance and compliance controls.

The broader goal, the CBN says, is to strengthen standards in the digital finance space while still pushing financial inclusion. Many of these platforms have become major gateways for everyday Nigerians to save, transfer money, pay bills and run small businesses.

A reminder that the regulator is watching

The licence upgrade also comes with a clear message: growth does not excuse weak controls. The CBN previously sanctioned some operators in the sector over compliance lapses.

In 2024, Moniepoint and OPay were each fined ₦1 billion for KYC compliance issues, reinforcing the regulator’s focus on stronger customer verification, anti-fraud safeguards and system integrity.