Users of leading digital payment platforms such as Opay and Moniepoint are set to enjoy expanded services across Nigeria following the Central Bank of Nigeria’s (CBN) approval granting national operating licences to several financial technology companies and microfinance banks.
The approval allows the affected fintech firms and microfinance institutions—many of which previously operated under state or regional licences—to extend their operations to all states of the federation.
The development marks a major milestone in Nigeria’s financial services sector, as the apex bank moves to broaden the reach of digital banking, mobile money, and payment solutions nationwide.
Sources familiar with the decision said the approvals followed extensive regulatory reviews and operational assessments by the CBN to confirm that the institutions met required standards in capital adequacy, corporate governance, and risk management.
With the upgraded licences, the institutions are now authorized to operate beyond former geographic limits, establish physical branches, deploy agent networks, and offer financial services across the country.
The CBN said the move is expected to accelerate financial inclusion, particularly in rural and underserved communities where access to traditional banking infrastructure remains limited. Fintech platforms such as Opay and Moniepoint already run wide agent networks that facilitate payments, fund transfers, bill payments, and other banking services for individuals and small businesses.
Analysts say the decision underscores the regulator’s recognition of the growing role of fintech companies in Nigeria’s financial ecosystem and their complementary function alongside conventional banks.
The national operating licences are expected to enable the firms to scale operations more rapidly, improve service delivery, and compete more effectively with commercial banks, especially in retail banking and small-business financing.
For consumers, the expansion is likely to translate into wider access to digital financial services, faster transaction processing, and increased competition, which could ultimately lead to lower transaction costs.
Despite the licence upgrade, the CBN stressed that the approved institutions remain subject to strict regulatory oversight. The apex bank noted that compliance with anti-money laundering rules, consumer protection guidelines, data security standards, and capital requirements remains mandatory.
Beneficiaries of the approval are also required to maintain strong internal control systems and submit periodic regulatory reports, with any breach of guidelines attracting sanctions, including suspension or withdrawal of licences.
The decision has been welcomed within Nigeria’s technology and financial sectors, with fintech operators describing the approval as validation of sustained investments in infrastructure, regulatory compliance, and customer trust.
Small and medium-sized business owners, many of whom depend heavily on mobile money agents and digital payment platforms, have also expressed optimism that nationwide operations will improve service reach and reliability.
However, some industry observers have urged the CBN to sustain close monitoring of fintech expansion to minimize systemic risks, as digital platforms continue to play an increasingly central role in everyday financial transactions.
The approval comes amid continued strong local and international investment in Nigeria’s fintech sector, reinforcing the country’s position as a leading digital finance hub in Africa. As Opay, Moniepoint, and other beneficiaries roll out nationwide expansion plans, attention will focus on how effectively they maintain service quality while scaling operations across Nigeria’s diverse markets.
