CBN Upgrades Operating Licences of OPay, Moniepoint, Others to National

By Modupe Gbadeyanka

The operating licences of major financial technology (fintech) platforms like OPay and Moniepoint, have been upgraded to national by the Central Bank of Nigeria (CBN).

Also upgraded by the banking sector regulator were PalmPay, Kuda Bank, and Paga after compliance with some regulatory requirements, allowing them to operate across Nigeria.

Speaking at annual conference of the Committee of Heads of Banks’ Operations in Lagos recently, the Director of the Other Financial Institutions Supervision Department of the CBN, Mr Yemi Solaja, said the licences were upwardly reviewed after the financial institutions met some requirements, including the Know-Your-Customer (KYC) policy.

“Institutions like Moniepoint MFB, Opay, Kuda Bank, and others have now been upgraded. In practice, their operations are already nationwide,” he said at the event.

The upgrade also reinforces financial inclusion, as fintechs and agent networks continue to play a pivotal role in providing access to banking and payments services, especially in rural and underserved areas.

The central bank executive stressed the importance of physical presence for customer support.

According to him, “Most of their customers operate in the informal sector. They need a clear point of contact if any issues arise,” to strengthen internal controls, and enhance customer service, particularly around KYC and anti-money laundering (AML) processes.