CBN Upgrades Opay, Moniepoint, PalmPay, Others to National Licenses
The Central Bank of Nigeria (CBN) has upgraded the operating licenses of several leading FinTech companies and Microfinance Banks, including Opay, Moniepoint, and PalmPay, granting them national licenses that allow full operations across the country.
The regulatory upgrade follows the companies’ successful compliance with the CBN’s revised requirements on capitalization, governance, risk management, and consumer protection. With the new status, the affected institutions can now expand their services nationwide without geographic restrictions previously tied to regional or state-level licenses.
According to industry analysts, the move reflects the CBN’s effort to strengthen Nigeria’s financial system while supporting financial inclusion, especially through digital channels. FinTech firms have played a major role in bringing banking services to millions of unbanked and underbanked Nigerians via mobile payments, agency banking, and digital wallets.
The national licenses enable these firms to:
Operate agent networks across all states
Scale digital payment and lending services nationwide
Compete more directly with traditional commercial banks in retail financial services
A senior regulatory source noted that the upgrade is also part of the CBN’s broader strategy to ensure that fast-growing FinTechs operate under stricter oversight, given their increasing importance to Nigeria’s payment ecosystem.
Opay, Moniepoint, and PalmPay have grown rapidly in recent years, processing billions of naira in daily transactions and supporting small businesses, merchants, and individuals. Their elevation to national status is expected to further accelerate innovation, deepen competition, and improve access to financial services across the country.
However, experts caution that the upgraded licenses also come with higher regulatory expectations, including stronger compliance, data security, and customer protection standards.
The CBN reaffirmed its commitment to balancing innovation with stability, stating that only institutions that meet its regulatory benchmarks will continue to benefit from expanded operational privileges.
The development marks a significant milestone for Nigeria’s FinTech sector, reinforcing its role as one of Africa’s most dynamic digital finance markets.
