Opay, Moniepoint, Kuda Secure Full National Licences From CBN

Nigeria’s digital banking space has entered a new chapter. The CBN has granted full national operating status to major fintechs and microfinance banks, including Opay, Moniepoint, Kuda and others. This move brings their legal permissions in line with their real footprint across the country.

The announcement came during a banking conference in Lagos. The CBN explained that several fintech platforms had expanded nationwide despite holding limited regional licences. Therefore, the regulator decided to update their status. The new CBN national licences now formally recognise their scale and place them under stricter supervision.

For years, many of these platforms operated as unit, state or tiered institutions. However, mobile apps and agent networks helped them build customers far beyond those limits. The CBN said this created a gap between what their licences allowed and what they actually did. The CBN national licences now close that gap.

Why the Licence Upgrade Matters

The regulator believes clarity is essential in a digital-first financial system. Customers need to know where to report complaints and resolve disputes. This is especially important when services run through smartphones instead of physical branches. The CBN national licences aim to strengthen trust in digital banking as usage grows.

The upgrade also raises compliance expectations. National operators must meet higher capital thresholds. They must also improve customer service systems and internal controls. In addition, stronger know-your-customer and anti-money laundering processes are now required. As a result, the CBN national licences come with heavier responsibilities.

Still, the decision supports financial inclusion goals. Fintechs and agent networks already move money in rural and underserved communities. The regulator sees them as key partners in widening access, as long as proper oversight remains in place. Therefore, the CBN national licences seek to balance innovation with stability.

The development signals a maturing fintech market. As digital finance grows, regulators are adjusting frameworks to match reality. The CBN national licences may now shape how Nigeria’s digital banking leaders scale their next phase.