CBN grants national operating licences to major Fintechs, microfinance banks

The Central Bank of Nigeria (CBN) has announced the official upgrade of operating licences for a number of prominent financial technology firms and microfinance banks (MFBs) to national status.

Yemi Solaja, the CBN’s Director of the Other Financial Institutions Supervision Department, made the announcement at the annual Committee of Heads of Banks’ Operations (CHBOs) conference in Lagos.

He clarified that the upgrade is not automatic and requires institutions to meet specific compliance and operational benchmarks.

Solaja explained that the move was prompted by the fact that many digital lenders and payment platforms had significantly expanded beyond the geographical limits of their original licences.

To close this regulatory gap and better reflect their actual nationwide operations, the CBN has updated their licensing.

Key institutions affected include Moniepoint Microfinance Bank, OPay, and Kuda Bank, which now formally hold national licences permitting them to operate in all states of Nigeria.

The CBN stated that this decision aims to formalise and enhance regulatory oversight of these influential entities.

The updated licences mandate a physical presence, such as branches or service centres, in key locations. This is intended to provide in-person support and dispute resolution, particularly for informal sector customers.

Furthermore, the upgrade supports the CBN’s broader objectives of promoting cashless policies and financial inclusion, as these digital platforms help reduce the volume of cash circulating outside the formal banking system.

The new national MFB licence comes with stricter regulatory standards, including a significantly increased capital requirement of approximately N5 billion, up from the previous N2 billion. It also enforces more rigorous compliance and reporting standards to ensure consumer protection and overall financial system stability.

About The Author

Dele Fashomi

Dele Fashomi, seasoned journalist and communication teacher, is a holder of Master of Arts degree in Communication and Language Arts from the University of Ibadan in 1992/93.

Earlier, he had bagged a Bachelor degree from the same university in 1984, after which he proceeded to the Nigerian Institute of Journalism, Lagos, in 1990, for a postgraduate diploma in Journalism.

He had done many courses in communication, including the EU-BBC Editing Course in 2002.

Mr. Fashomi combines effectively the practice, research and teaching of communication. And to date, he has published two academic works in communication: Issues in Communication Technology and Policy (2010) and Economic and Social Issues in Advertising and PR (2013).

He had his first break in the Nigerian media in Concord Newspapers in 1990 and today, he has over two and half decades experience earned in several newspapers.

He has been part of many start-ups, such as The Republic (1987), The Comet (1999), The Anchor 2001 – 2002; Sun Newspapers (2003); Westerner newsmagazine (2005 – 2010) as Editor; National Life (2011) as Sunday Editor, and Newswatch Newspapers (2012- 2016) as Daily Editor.

Dele Fashomi is now the Publisher/Editor-in-Chief of Newstide247.com newspaper online, which he started in July 2015. He is also into biography writing, with many books in his trail, some of which he wrote alone and one he co- authored with his mentor, Mr Dare Babarinsa, entitled:  Olabiyi Durojaiye – DARE TO BE DiFFERENT. He also guided and collaborated with Pa Olatunji Odusanya in writing his autobiography – AGAINST ALL ODDS. There are many other books in the works under his pen.

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