The Central Bank of Nigeria (CBN) has officially upgraded the operating licences of several leading financial technology firms and microfinance banks (MFBs) to national status. The announcement was made by Yemi Solaja, director of the other financial institutions supervision department at the CBN, during the annual committee of Heads of Banks’ Operations (CHBOs) conference in Lagos. Under the changes, major players including Moniepoint Microfinance Bank, OPay, Kuda Bank and others now hold national licences giving them formal approval to operate in all states of the federation rather than within limited regions. The updated licences aim to ensure stronger regulatory oversight over institutions operating across Nigeria. The new regulatory standards include increased capital requirements for national MFBs which is now set at around N5 billion, up from N2 billion under prior rules.

Source: The Guardian January 27, 2026 19:49 UTC