Why we upgrade operating licences of Opay, Monipoint, Others – CBN 

By Onu Okorie 

The Director of the Other Financial Institutions Supervision Department, Central Bank of Nigeria CBN Mr Yemi Solaja has said that the upgrade of operating licences of major fintech companies and microfinance banks, including Opay and Moniepoint, to national status, is because the affected institutions had effectively been operating nationwide even before the formal upgrade.

He confirmed the development in Lagos at the annual conference of the Committee of Heads of Banks’ Operations during the week. 

The new status is permitting them to operate across the country after meeting regulatory requirements. 

“Institutions like Moniepoint MFB, Opay, Kuda Bank and others have now been upgraded. In practice, their operations are already nationwide,” Solaja said.

Other key players the upgrade covers include Palmpay and Paga, whose rapid expansion through mobile platforms and extensive agent networks has seen them outgrow their former regional licences.

He also stressed the need for a physical presence to support customers, particularly those in the informal sector. According to him, “Most of their customers operate in the informal sector. They need a clear point of contact if any issues arise.”

With the new national licences, the fintech firms will be subject to higher capital requirements — including a minimum of N5 billion for national microfinance banks — and are required to maintain offices for dispute resolution, while continuing to promote financial inclusion.

The move follows earlier enforcement actions by the apex bank, including fines of N1 billion each imposed on Moniepoint and Opay in 2024 over KYC compliance breaches, highlighting the CBN’s sustained push to strengthen regulatory standards in the digital finance space.