The Central Bank of Nigeria has elevated the licences of some FinTech companies and Microfinance Banks operating across the country to national status.

The announcement was made by the Director of the Other Financial Institutions Supervision Department at the CBN,
Yemi Solaja, at the recently concluded annual conference of the Committee of Heads of Banks’ Operations in Lagos.

According to him, the move is intended to align regulatory licences with the expanding nationwide reach of these institutions, strengthening oversight and ensuring compliance with appropriate supervisory frameworks.

At the CHBOs conference, Solaja called for stronger collaboration between commercial banks and FinTech firms to tackle the continued circulation of cash outside the formal banking system and to promote “digital-first” banking operations.

He noted that the CBN had identified an increasing gap between the restricted licences held by some FinTechs and their expanding nationwide operations.

“Institutions like Moniepoint MFB, Opay, Kuda Bank and others have already been upgraded.”

“In reality, their activities are now all over the country.”

“Most of their customers are informal people. They need to know where to report to when there is a problem,” he said.

He clarified that the licence upgrade is not automatic, as institutions must first meet critical regulatory requirements before being granted national status.

FinTech firms and technology-driven MFBs have expanded rapidly across Nigeria, fueled by mobile innovation and agent banking networks.

Many of these operators were originally licensed under unit, tier-one, or tier-two categories, which restricted them to specific regions.

However, despite these limitations, digital platforms such as Kuda Bank, OPay, Moniepoint and PalmPay have grown their customer bases nationwide.

By upgrading the licences, the CBN is aligning regulation with the expanded scale and reach of these institutions.

The apex bank also emphasized that nationally licensed FinTechs and MFBs must retain physical offices in strategic locations, even as they operate largely through digital platforms.

It noted that physical branches are essential for dispute resolution and for serving customers in the informal sector who prefer in-person interactions.

In addition, many of these institutions run extensive agent networks across both rural and urban parts of the country.