CBN Approves National Operating Licences for Major Fintech Companies
The Central Bank of Nigeria has taken a significant step in expanding the country's digital financial landscape by granting national operating licences to several prominent financial technology companies and microfinance banks. This regulatory upgrade allows firms including Opay and Moniepoint to conduct business operations across all thirty-six states of the federation, marking a substantial expansion from their previous regional or state-level authorisations.
Regulatory Upgrade Enables Nationwide Expansion
According to official statements from the CBN, this licensing decision represents a strategic move to align regulatory frameworks with the actual operational scope of Nigeria's growing fintech sector. Yemi Solaja, Director of the CBN's Other Financial Institutions Supervision Department, explained that the bank identified a growing mismatch between the regional licences held by certain digital lenders and payment providers and the nationwide nature of their current operations.
"Institutions such as Moniepoint MFB, Opay and Kuda Bank have already been upgraded," Solaja confirmed. "In reality, their operations now cut across the entire country."
The director emphasised that obtaining an upgraded licence is not automatic, noting that national authorisation is reserved strictly for institutions that satisfy the CBN's rigorous regulatory standards. Sources familiar with the approval process indicate that extensive regulatory checks and operational evaluations were conducted to confirm that the institutions met standards for capital strength, governance structures and comprehensive risk controls.
Operational Benefits and Financial Inclusion Impact
With their new national status, the affected firms can now operate beyond their earlier geographical limitations, opening physical branches, expanding agent networks, and delivering comprehensive financial services nationwide. This expansion is expected to significantly boost financial inclusion, particularly in rural and underserved communities where traditional banking facilities remain scarce.
Companies like Opay and Moniepoint already operate extensive agent networks that facilitate payments, transfers, bill settlements and basic banking services for individuals and small enterprises across Nigeria. Holding national licences will enable these firms to scale their operations more rapidly, enhance service quality, and compete more directly with established commercial banks, especially in retail banking and small-business financing segments.
Consumer Benefits and Regulatory Safeguards
For Nigerian consumers, this regulatory development could translate into easier access to digital financial products, quicker transaction processing times, and stronger competition among service providers, which may ultimately lead to reduced transaction fees. Small and medium-sized enterprises, many of which depend heavily on mobile money agents and digital platforms, have expressed optimism that nationwide operations will improve service consistency and availability across different regions.
Despite the licence upgrades, the CBN has stressed that all approved institutions will continue to operate under strict regulatory supervision. Compliance with anti-money laundering regulations, consumer protection frameworks, data security requirements and capital thresholds remains compulsory for all licence holders.
The regulator has also mandated that beneficiaries maintain robust internal control systems and submit regular operational reports, warning that regulatory violations could lead to sanctions including licence suspension or revocation in serious cases.
Industry Reception and Broader Context
The licensing decision has been widely welcomed within Nigeria's technology and financial communities, with fintech operators describing it as recognition of years of substantial investment in infrastructure development, regulatory adherence and customer confidence building. The approvals come amid continued robust growth in Nigeria's fintech sector, which has attracted significant domestic and foreign investment in recent years.
This regulatory development occurs alongside other financial sector changes, including the recent implementation of the Nigeria Tax Act 2025 provisions that introduced a ₦50 stamp duty charge on electronic fund transfers of ₦10,000 and above, effective from January 1, 2026. Digital payment providers including OPay, PalmPay and Moniepoint have already notified customers about this new charge arrangement, which is deducted directly from sender accounts during qualifying transactions.
The CBN's licensing initiative represents a strategic alignment of regulatory policy with market realities, potentially accelerating Nigeria's progress toward comprehensive financial inclusion while maintaining necessary oversight of the rapidly evolving digital financial ecosystem.
