The Central Bank of Nigeria (CBN) has upgraded the operating licences of several leading financial technology firms and microfinance banks to national status, aligning their regulatory approvals with their expanded nationwide operations.

The announcement was made by Yemi Solaja, Director of the Other Financial Institutions Supervision Department, during the 2026 Committee of Heads of Banks’ Operations (CHBOs) conference held in Lagos.

The regulatory adjustment reflects the rapid expansion of digital finance institutions that were initially licensed under regional or tiered frameworks but have since scaled operations across Nigeria through mobile platforms and agent banking networks.

Bridging the Regulatory Gap

According to the apex bank, the upgrade corrects a structural imbalance in which fintech operators were effectively running nationwide services under licences originally intended for limited geographic coverage.

Institutions that have secured national authorisation include OPay, Moniepoint Microfinance Bank, Kuda Bank, PalmPay, and Paga. With national status, these firms are now formally authorised to operate across all 36 states and the Federal Capital Territory.

CBN officials stressed that the transition is conditional on meeting enhanced supervisory, governance, and risk management benchmarks. The approval process requires institutions to demonstrate operational resilience, compliance maturity, and adequate internal controls suitable for system-wide exposure.

Higher Capital and Compliance Requirements

The elevation to national licence status comes with stricter financial and operational obligations.

National microfinance banks are now required to maintain a minimum paid-up capital of approximately ₦5 billion, compared to ₦2 billion under previous licensing tiers. In addition, institutions must establish physical service centres or branches in strategic locations to strengthen consumer engagement and improve dispute resolution mechanisms.

The CBN noted that the physical presence requirement complements digital operations, ensuring that underserved and informal sector participants have access to face-to-face customer support when necessary.

Reinforcing Financial Stability and Inclusion

The regulator said the upgraded framework enhances supervisory clarity as digital finance platforms increasingly serve millions of Nigerians beyond the reach of traditional commercial banks.

By aligning licensing with operational scale, the CBN aims to strengthen consumer protection, improve systemic risk monitoring, and formalise segments of the financial ecosystem that have grown rapidly in recent years.

The move also supports Nigeria’s broader financial inclusion agenda, particularly in rural and semi-urban areas where mobile adoption and agent networks have accelerated account penetration.

Market Implications

Industry analysts view the licence upgrades as a defining moment in Nigeria’s evolving digital banking landscape. The new structure could reshape competitive positioning, capital strategies, and compliance frameworks among fintech operators and microfinance institutions.

As regulatory expectations increase, institutions may need to recalibrate governance models, technology infrastructure, and capital planning to sustain growth while maintaining regulatory alignment.

The CBN’s decision signals a maturing fintech ecosystem in which digital-first financial institutions are now being integrated more firmly into the formal banking architecture.

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Speaking at the second International Financial Inclusion Conference 2024 organized by the Central Bank of Nigeria (CBN) and other critical stakeholders, he said women entrepreneurs have proven to be diligent and enhance profitability.

He disclosed that based on data harvested from the Moniepoint platform, “women-owned businesses are more likely to stay active and show higher engagement rates in financial transactions.”

According to him, in cases where financial support has been extended—through investments, KYC compliance, or the provision of tools like point-of-sale devices—female-led businesses have a 7.2 per cent higher activity rate than their male counterparts while looking at the gender relations with credit products, “women-owned businesses have an 87.5 per cent lower loan non-performance rate (NPL) than male-owned enterprises.”

He submitted at the event themed Inclusive Growth: Harnessing Financial Inclusion for Economic Development that for financial inclusion to be sustainable, especially for women, it must no longer be treated as a buzzword, charitable social activity or a checklist to be marked.

Mr Eniolorunda noted that financial service providers play a vital role in supporting gender-inclusive finance and that by collecting and analysing data on gender trends in small business performance, they can craft better policies, targeted products, and support services that encourage more women entrepreneurs.

Echoing similar sentiments, his counterpart at the Credit Registry, Ms Jameelah Sharrieff-Ayedun, said, “90 per cent of women’s income that they receive goes back to the communities and their families as such when women have access to credit, the community is enhanced, families are better off which is why it’s important that they can access this funding.”

In her summation, the Deputy Governor of the CBN for Operations, Ms Emem Usoro acknowledged some of the structural challenges that might require time and resources to be addressed including cultural practices and less systemic ones such as distance to financial services providers that stifle the participation of women-owned businesses, while signposting the power of data to catalyze inclusive growth and its viability for economic planning.

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