The Central Bank of Nigeria CBN has explained its decision to upgrade the operating licences of major financial technology firms and microfinance banks, including Opay and Moniepoint, to national status, citing compliance with regulatory requirements and the nationwide scale of their operations.
The upgrade affects key players such as Moniepoint Microfinance Bank, Opay, Kuda Bank, Palmpay and Paga, whose rapid growth through mobile platforms and extensive agent networks has seen them outgrow their earlier regional licences.
