CBN Grants National Licenses to Opay, Moniepoint, and Others in Major Fintech Boost

The Central Bank of Nigeria (CBN) has granted national licenses to several financial technology firms, including Opay and Moniepoint, enabling them to conduct business nationwide. This decision signifies a significant shift in Nigeria's financial services sector, demonstrating the CBN's commitment to expanding access to digital banking solutions nationwide.

The licenses were upgraded from previous state or regional authorizations, reflecting the regulator's intent to enhance financial inclusion and improve service quality. The firms are expected to scale faster, enhance service quality, and expand their agent networks to deliver financial services nationwide.

The CBN emphasized that institutions must continue to operate under strict supervision and compliance with anti-money laundering laws and consumer protection frameworks. This move is set to improve service consistency and availability, reduce transaction fees, and foster stronger competition among service providers.