Central bank has elevated the operating licenses of several leading fintech firms to national level, enabling full countrywide expansion for companies like Opay and Moniepoint after they met stringent regulatory standards, a senior official announced.
The upgrade, disclosed at a banking operations conference, reflects the rapid evolution of digital finance in Africa’s largest economy, where mobile platforms have surged in popularity among underserved populations.
Yemi Solaja, director of the Other Financial Institutions Supervision Department, highlighted the shift for key players including Moniepoint MFB, Opay, Kuda Bank, Palmpay, and Paga.
“In practice, their operations are already nationwide,” Solaja said.
He stressed the need for accessible customer service amid the sector’s growth, adding: “Most of their customers operate in the informal sector. They need a clear point of contact if any issues arise.”
National licenses impose tougher demands, such as a five billion naira capital threshold for microfinance banks, alongside requirements for physical offices to handle disputes, as the firms continue spearheading financial inclusion through agent networks and apps.
The decision follows 2024 fines of one billion naira each on Moniepoint and Opay for know-your-customer lapses, part of the Central Bank of Nigeria’s push to tighten oversight in the booming fintech landscape.
