CBN Grants National Licences to Opay, Moniepoint, PalmPay and Other Fintech Firms

The Central Bank of Nigeria (CBN) has approved the upgrade of operating licences for several leading fintech companies, including Opay, Moniepoint and PalmPay, granting them national status and expanding their scope of operations across the country.

The licence upgrade allows the affected fintech firms to operate nationwide without geographical restrictions, marking a significant milestone in Nigeria’s rapidly growing digital financial services sector. Industry analysts say the move reflects the CBN’s recognition of the role fintech companies play in driving financial inclusion and deepening access to banking services.

With national licences, Opay, Moniepoint, PalmPay and other beneficiaries are now permitted to scale their agent networks, payment services and digital products across all states, particularly in underserved and unbanked communities. The development is expected to boost competition, improve service delivery and increase consumer choice within the financial ecosystem.

Sources within the financial sector disclosed that the upgraded licences come with stricter regulatory and compliance requirements, including enhanced capital thresholds, risk management standards and reporting obligations. This, according to experts, is aimed at strengthening consumer protection and ensuring system stability.

Reacting to the development, fintech stakeholders welcomed the decision, describing it as a positive step toward building a more inclusive and efficient financial system. They noted that nationwide operations would enable faster innovation, wider reach and improved collaboration with traditional financial institutions.

The CBN reaffirmed its commitment to regulating the fintech space in a way that balances innovation with financial stability. The apex bank said the licence upgrades align with its broader agenda to modernise Nigeria’s payment system and support the country’s digital economy.