CBN okays nationwide operations for Opay, Moniepoint, others

By Akintunde Olamide

The Central Bank of Nigeria (CBN) has granted national operational approval to several financial technology companies and microfinance banks, allowing them to operate across all states in the country.

The approval applies to major digital payment platforms such as Opay and Moniepoint, alongside other licensed fintech firms and microfinance banks that previously operated under state or regional licences.

The development marks a notable shift in Nigeria’s financial services landscape, as the regulator broadens the reach of digital banking solutions nationwide.

Sources familiar with the decision said the approval followed comprehensive regulatory reviews and operational assessments by the CBN to ensure that the affected institutions meet the required benchmarks in capital adequacy, corporate governance and risk management.

With the upgraded status, the institutions are now authorised to expand beyond their former geographic boundaries, establish physical outlets, 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 areas where access to traditional banking infrastructure remains limited. Fintech companies such as Opay and Moniepoint have built extensive agent networks that support payments, fund transfers, bill payments and banking services for small businesses.

Analysts say the decision reflects the regulator’s recognition of the growing importance of fintechs in Nigeria’s financial ecosystem and their role in complementing conventional banks.

The national licence is 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 could lead to wider access to digital financial services, faster transaction processing and increased competition, potentially resulting in lower transaction costs.

Despite the upgrade, the CBN emphasised that the affected institutions will remain subject to strict regulatory oversight. The apex bank noted that compliance with anti-money laundering regulations, consumer protection rules, data security standards and capital requirements remains mandatory.

Beneficiaries of the approval are required to maintain strong internal controls and submit periodic reports to the regulator. Any breach of regulatory guidelines could attract penalties, including suspension or withdrawal of operating licences.

The decision has been welcomed across Nigeria’s technology and financial sectors. Fintech operators described the approval as a validation of sustained investments in infrastructure, regulatory compliance and customer trust.

Small and medium-sized business owners, many of whom rely on mobile money agents and digital payment platforms, have also reacted positively, expressing optimism that nationwide operations will improve service reach and reliability.

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However, some industry observers have advised the CBN to continue close monitoring of fintech expansion to minimise systemic risks, especially as digital platforms play an increasingly central role in daily financial transactions.

The approval comes at a time when Nigeria’s fintech sector continues to attract significant local and international investment, strengthening the country’s position as a leading digital finance hub in Africa. As Opay, Moniepoint and other approved institutions commence nationwide expansion, attention will be focused on how effectively they maintain service quality while scaling operations across Nigeria’s diverse markets.