Juliet Jacob 
Central Bank of Nigeria headquarters in Abuja
ABUJA, Nigeria – Nigeria’s Central Bank grants national operating licences to leading FinTech firms and microfinance banks, strengthening regulatory oversight and consumer protection as digital finance expands nationwide.
The Central Bank of Nigeria announces the upgrade on Monday at the Committee of Heads of Banks’ Operations annual conference in Lagos. The move targets FinTech companies and microfinance banks whose operations now extend beyond regional limits.
Director of the Other Financial Institutions Supervision Department says several institutions outgrow their original licences.
“Some FinTechs and MFBs now operate on a truly national scale,” he says, noting that many customers work in the informal sector and require accessible dispute-resolution channels.
Fast-growing platforms including Moniepoint MFB, OPay, Kuda, Palmpay and Paga build large customer bases through mobile apps and agent networks but previously operate under restricted licences.
Despite digital-first models, the CBN insists on physical accessibility.
“Even digital banks must maintain physical touchpoints to support informal customers and resolve issues,” the director explains.
Under the new framework, national microfinance banks must raise minimum capital to ₦5 billion from ₦2 billion and comply with stricter supervision requirements.
The CBN says the policy supports financial inclusion, reduces cash outside the formal system and restores public trust.
“Digital banking is the future, but it must be anchored on oversight and accountability,” the director adds.
The decision follows recent enforcement actions, including ₦1 billion fines imposed on Moniepoint and OPay in 2024 for KYC breaches, reinforcing the regulator’s consumer protection stance.
About the Author
Oluwafunbi Bello 
Edino Chubiyo Cornelius 
Oluwatobi Adu 