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CBN Approves Full National Licences for Opay, Moniepoint, Kuda, and Other Fintechs
The Central Bank of Nigeria (CBN) has made a big move for the fintech world. CBN approves full national licences for Opay and other fintechs like Moniepoint, Kuda, and PalmPay. This upgrade changes their licenses from limited ones to full national status. It means these popular digital money platforms can now operate everywhere in Nigeria without legal worries.
Yemi Solaja, the director of the Other Financial Institutions Supervision Department at the CBN, shared this news at a banking conference in Lagos. He explained that the CBN wants the licenses to match the real size of these companies’ operations. For a long time, platforms like Opay, Moniepoint, and Kuda grew fast across the country. They used mobile apps and agent networks to reach millions of users, even though their old licenses only allowed work in certain areas or states.
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Before this change, most of these fintechs and microfinance banks had “unit,” “state,” or “tiered” licenses. These meant they could only serve people in specific places. But Nigerians everywhere started using their services for sending money, paying bills, and saving. Opay became famous for quick transfers and cheap fees. Moniepoint helped small businesses with easy banking. Kuda drew in young people with its no-fee app. PalmPay grew through its wide agent network in markets and villages. Their customer numbers exploded, but their papers didn’t match this growth.
The CBN saw a problem here. There was a gap between what the licenses said and what these companies were doing every day. Upgrading to full national licenses fixes that. Now, their legal status matches their nationwide work. This is good news for customers too. When something goes wrong, like a delayed transfer or a dispute, people will know exactly where to complain. No more confusion about which office to contact, since services come through phones, not just branches.
But getting these national licenses comes with more rules. The companies must follow stricter guidelines. They need higher amounts of money as capital – much more than before. National microfinance banks have to keep big reserves to stay safe. The CBN will watch them closer to make sure they do things right. This includes better checks on customers, known as know-your-customer (KYC) rules. They also have to fight money laundering and other bad activities. Plus, they might need to open physical offices in important spots for better service.
Why does this matter for everyday Nigerians? Fintechs like these are changing how we handle money, especially in rural areas and small towns where banks are far away. Agents with Opay or PalmPay machines help farmers send cash home or buy goods. Moniepoint lets market traders deposit sales without traveling to a city bank. Kuda makes saving simple for students and workers. The CBN believes these tools boost financial inclusion – getting more people into the money system. With strong rules, they can grow safely without risks like fraud.
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This upgrade shows Nigeria’s fintech scene is maturing. These companies started small but became giants fast. Now, with national status, they face higher expectations. They must improve customer care, fix complaints quickly, and build stronger systems inside. For users, it means more trust in their apps and agents. No more gray areas about where they can work.
The CBN’s decision supports innovation while keeping safety first. Opay, Moniepoint, Kuda, PalmPay, and others can expand even more. They will help push Nigeria towards a cashless future. More people will join digital banking, businesses will grow, and the economy will benefit. This is a win for fintechs, regulators, and millions of users across the country.
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