The Central Bank of Nigeria (CBN) has upgraded the operating licenses of many prominent fintech and microfinance institutions, including OPay, Moniepoint, and Kuda Bank, granting them national status.
Yemi Solaja, director of the CBN, announced the developments at the annual Committee of Heads of Bank Operations conference in Lagos.
Solaja stated that the licence upgrades were granted after the impacted institutions completed the necessary regulatory, compliance, and operational requirements.
According to the CBN, the decision underscores the expanding footprint of digital lenders and payment platforms, whose operations now cover the whole country despite being regulated under more restrictive frameworks.
The regulator's goal in converting them to national licensing is to match their legal status to their actual size of operations.
Solaja said national licensing allows these institutions to function in all states of the federation while simultaneously imposing stronger monitoring standards.
He emphasised that the upgrading is not automatic and that institutions must continue to fulfil higher standards in governance, reporting, and risk management.
As part of the new framework, national microfinance banks must now achieve higher capital limits, with the minimum capital established at around N5 billion ($3.4 million), up from N2 billion ($1.36 million) earlier.
The CBN also anticipates stronger consumer protection measures, increased compliance with know-your-customer and anti-money laundering regulations, and greater transparency.
The regulator added that firms operating nationally are required to maintain physical branches or service centres in key locations to support customers who may need in-person assistance or dispute resolution.
The CBN said the move is intended to close regulatory gaps, strengthen oversight of influential fintech players, and support its broader goals of promoting financial inclusion and reducing the volume of cash circulating outside the formal financial system.
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