The Central Bank of Nigeria on Tuesday, upgraded the licenses of major fintech firms and microfinance banks, including Opay and Moniepoint, to national status, allowing them to operate nationwide after meeting regulatory requirements.
Director of the Other Financial Institutions Supervision Department, Yemi Solaja, confirmed this development in Lagos at the annual conference of the Committee of Heads of Banks’ Operations.
He said: “Institutions like Moniepoint MFB, Opay, Kuda Bank, and others have now been upgraded. In practice, their operations are already nationwide.”
Solaja emphasized the importance of physical presence for customer support, noting “Most of their customers operate in the informal sector. They need a clear point of contact if any issues arise.”
With national licenses, the fintech firms are subject to higher capital requirements, including N5 billion for national MFBs, and must maintain physical offices for dispute resolution while continuing to drive financial inclusion.