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, a move expected to deepen financial inclusion and expand access to services for micro, small and medium enterprises (MSMEs) across the country.
The announcement was made by the Director of the Other Financial Institutions Supervision Department at the CBN, Yemi Solaja, during the annual Committee of Heads of Banks’ Operations (CHBOs) conference held in Lagos.
Solaja explained that the licence upgrade is not automatic, stressing that only institutions that meet strict compliance, capital, and operational benchmarks qualify for national status. He noted that many digital lenders and payment platforms had grown beyond the scope of their original licences, operating nationwide despite being licensed for limited regions.
Under the revised framework, major players including Moniepoint Microfinance Bank, OPay, Kuda Bank and others now hold national licences, giving them formal approval to operate in all 36 states of the federation rather than within restricted geographic areas.
According to the CBN, the updated licences are aimed at strengthening regulatory oversight over fast-growing fintechs and MFBs whose services are increasingly critical to MSMEs, traders, and informal businesses nationwide.
The new framework also mandates a physical presence in key locations, ensuring that customers—particularly those in the informal sector—have access to in-person support, customer service, and dispute resolution, beyond digital-only channels.
Solaja noted that the move aligns with the Central Bank’s cashless policy and financial inclusion drive, as digital financial platforms continue to play a major role in reducing cash usage and bringing unbanked and underbanked Nigerians into the formal financial system.
As part of the new requirements, national microfinance banks must now meet higher capital thresholds, with minimum capital raised to about N5 billion from the previous N2 billion. The revised standards also introduce stricter reporting, governance, and consumer protection obligations to safeguard financial stability.
The CBN said the reforms are designed to ensure that fintechs and MFBs operating at scale are adequately capitalised, well-supervised, and better positioned to support MSMEs with payments, lending, savings, and other essential financial services across Nigeria.
