CBN Governor, Olayemi Cardoso
The truth is that the recent cosmetic and belated upgrade of several leading financial technology firms and microfinance banks (MFBs) to national status by the Central Bank of Nigeria (CBN) must be seen first, as a regulatory lapse and failure before the recent damage control of upgrading them to operate fully across all States of the Federation.
Otherwise, it was very clear that before the recent official upgrade of some Fintechs and MfBs to national status, many of them have gone nationwide with their services without the CBN’s nod.
Director of the Other Financial Institutions Supervision Department at the CBN, Yemi Solaja, announced this during the annual Committee of Heads of Banks’ Operations (CHBOs) conference held in Lagos.
Solaja explained that the licence upgrade is not automatic, noting that affected institutions were required to meet specific regulatory, compliance and operational benchmarks before qualifying.
He said many digital lenders and payment service providers had expanded their operations beyond the limits of their original licences, prompting the regulator to formally update their authorisations to reflect their nationwide reach.
Under the revised framework, major players including Moniepoint Microfinance Bank, OPay, Kuda Bank and other fintechs now hold national licences, granting them approval to operate across Nigeria rather than within restricted regions.
The CBN said the move is aimed at strengthening regulatory oversight of fast-growing fintech operators while sustaining momentum in the expansion of financial inclusion nationwide.
