The Central Bank of Nigeria (CBN) has officially upgraded the operating licences of several leading financial technology firms and microfinance banks (MFBs) to national status.
The announcement was made by Yemi Solaja, director of the other financial institutions supervision department at the CBN, during the annual committee of Heads of Banks’ Operations (CHBOs) conference in Lagos.
Solaja noted that the upgrade is not automatic and institutions must meet specific compliance and operational benchmarks before qualification.
He stated that many digital lenders and payment platforms had expanded far beyond their original licence scopes, prompting the regulator to update their licences to better reflect their nationwide reach.
Under the changes, major players including Moniepoint Microfinance Bank, OPay, Kuda Bank and others now hold national licences giving them formal approval to operate in all states of the federation rather than within limited regions.
The updated licences aim to ensure stronger regulatory oversight over institutions operating across Nigeria. It also aims to mandate physical presence in key locations, helping informal sector customers access in-person support and dispute resolution.
It will also support the Central Bank’s cashless and financial inclusion goals as digital platforms help reduce high volumes of cash outside the formal banking system.
The new regulatory standards include increased capital requirements for national MFBs which is now set at around N5 billion, up from N2 billion under prior rules.
It also requires stricter compliance and reporting standards to ensure consumer protection and stability in the financial system. There should be physical branches or service centres for these firms in major locations to support customers who may not be fully served through digital channels alone.