CBN Grants National Licence to Opay, Moniepoint, Others in Major Fintech Boost
- The CBN has granted national operating licences to several fintech companies and microfinance banks, including Opay and Moniepoint
- The approvals will enable the firms to expand agent networks, open outlets nationwide and scale digital banking services
- While the move is expected to improve access and service delivery, the CBN stressed that all beneficiaries remain under strict regulatory oversight
Legit.ng journalist Victor Enengedi has over a decade's experience covering energy, MSMEs, technology, banking and the economy.
The Central Bank of Nigeria (CBN) has approved a nationwide operating licence for several financial technology firms and microfinance banks, allowing them to conduct business across all states of the federation.
The decision covers leading digital payment providers such as Opay and Moniepoint, as well as other fintech companies and microfinance institutions that previously functioned under state or regional authorisations.
Source: UGC
This regulatory upgrade represents a significant shift in Nigeria’s financial services sector, signalling the CBN’s intention to expand access to digital banking solutions nationwide, The Nation reports.
CBN upgrades licences of OPay, Moniepoint, others
Commenting on the issue, Yemi Solaja, Director of the CBN’s Other Financial Institutions Supervision Department, explained that the bank observed a growing mismatch between the regional licences held by certain digital lenders and payment providers and the nationwide scope of their operations.
He said:
“Institutions such as Moniepoint MFB, Opay and Kuda Bank have already been upgraded. In reality, their operations now cut across the entire country.”
According to The Sun, Solaja emphasised that obtaining an upgraded licence is not a given, noting that national authorisation is reserved strictly for institutions that satisfy the CBN’s rigorous regulatory standards.
According to sources familiar with the process, the approvals were granted after extensive regulatory checks and operational evaluations to confirm that the institutions met standards for capital strength, governance structures and risk controls.
With the new status, the affected firms can now operate beyond their earlier geographical limits, open physical branches, expand agent networks, and deliver financial services nationwide.
The CBN noted that this expansion is expected to boost financial inclusion, particularly in rural and underserved communities where traditional banking facilities are scarce.
Companies like Opay and Moniepoint already run large agent networks that facilitate payments, transfers, bill settlements and basic banking services for individuals and small enterprises.
Holding a national licence is expected to help these firms scale faster, enhance service quality and, including OPay, PalmPay, and Moniepoint, have notified customers that, effective January 1, 2026, transfers of N10,000 and above will incurwith commercial banks, especially in retail banking and small-business financing.
Consumer benefits and regulatory safeguards
For customers, the expansion could translate into easier access to digital financial products, quicker transaction times and stronger competition among service providers, which may ultimately reduce transaction fees.
Small and medium-sized enterprises, many of which depend on mobile money agents and digital platforms, have expressed optimism that nationwide operations will improve service consistency and availability.
Despite the upgrade, the CBN stressed that all approved institutions will continue to operate under strict supervision. Compliance with anti-money laundering laws, consumer protection frameworks, data security requirements and capital thresholds remains compulsory.
Source: UGC
The regulator also requires beneficiaries to maintain robust internal control systems and submit regular reports, warning that violations could lead to sanctions, including licence suspension or revocation.
The approvals come amid continued growth in Nigeria’s fintech sector, which has attracted substantial domestic and foreign investment in recent years.
Fintechs alert customers to stamp duty charge
In related news, Legit.ng earlier reported that Fintechs in Nigeria informed users about a change in charges on electronic fund transfers following the enforcement of the Nigeria Tax Act 2025.
Digital payment providers, including OPay, PalmPay, and Moniepoint, have notified customers that, effective January 1, 2026, transfers of N10,000 and above will incur a N50 stamp duty.
According to the notices sent to users, under the new arrangement, the charge will be deducted directly from the sender’s account.
Proofreading by James Ojo, copy editor at Legit.ng.
Source: Legit.ng
