CBN Upgrades Opay, Moniepoint, Other Major FinTechs and MFBs to National Status
The Central Bank of Nigeria (CBN) has announced the elevation of several leading financial technology companies and microfinance banks (MFBs), including Opay and Moniepoint, to national status, marking a major milestone in the country’s rapidly expanding digital finance ecosystem.
According to a statement from the apex bank, the upgrade follows a comprehensive review of the institutions’ financial performance, capital adequacy, risk management practices, and nationwide service footprint. The new designation allows the affected firms to operate across all 36 states and the Federal Capital Territory, Abuja, without geographic restrictions.
The CBN said the decision was part of ongoing efforts to strengthen Nigeria’s financial inclusion drive and ensure that licensed fintechs and MFBs maintain strong governance standards in line with regulatory requirements. With the new status, these institutions are now recognized as national microfinance banks and payment service providers, granting them broader authority to expand their reach and product offerings.
Industry analysts view the move as a major vote of confidence in the resilience and innovation of Nigeria’s fintech sector, which continues to lead Africa in mobile payments and digital banking adoption. The recognition is also expected to boost investor confidence and attract more partnerships aimed at deepening access to financial services in underserved regions.
The CBN reaffirmed its commitment to fostering innovation while ensuring system stability, urging the newly upgraded entities to uphold robust operational standards and prioritize consumer protection as they scale their services nationwide.
