The Central Bank of Nigeria (CBN) has approved the upgrade of several leading fintech companies and microfinance banks, including OPay and Moniepoint, to national status, in a major boost to Nigeria’s digital financial services sector.
The upgrade grants the affected institutions wider operational scope across the country, reflecting their growing footprint, strong customer base, and role in deepening financial inclusion nationwide.
With the new status, the fintechs and microfinance banks are expected to expand their range of financial products and services, strengthen their agent networks, and improve access to digital banking for millions of Nigerians, particularly in underserved communities.
The CBN’s decision is part of broader regulatory reforms aimed at strengthening the financial system, enhancing supervision, and aligning fast-growing digital finance operators with national banking standards.
Industry observers say the move signals increased regulatory confidence in the fintech sector and could reshape competition within Nigeria’s financial services industry, as upgraded operators scale up to meet national demands.
