Users of leading digital payment platforms such as Opay and Moniepoint are set to benefit from expanded services nationwide following a major approval by the Central Bank of Nigeria (CBN) granting national operational licences to several financial technology companies and microfinance banks.
The approval allows the fintech firms and microfinance institutions—many of which previously operated under state or regional licences—to extend their services across all states of the federation.
The development marks a significant turning point in Nigeria’s financial services sector, as the apex bank broadens the reach of digital banking, mobile money and payment solutions nationwide.
Sources familiar with the decision revealed that the approval followed comprehensive regulatory reviews and operational assessments by the CBN to ensure that the affected institutions met required benchmarks in capital adequacy, corporate governance and risk management.
With their upgraded status, the institutions are now authorised to expand beyond former geographic limitations, establish physical outlets, deploy agent networks and provide financial services across the country.
The CBN said the move is expected to accelerate financial inclusion, particularly in rural and underserved areas where access to traditional banking infrastructure remains limited. Fintech platforms such as Opay and Moniepoint already operate extensive agent networks that support payments, fund transfers, bill payments and banking services for individuals and small businesses.
Analysts say the decision reflects the regulator’s recognition of the growing importance of fintech companies in Nigeria’s financial ecosystem and their complementary role alongside conventional banks.
The national operating licence is expected to enable the firms to scale more rapidly, enhance service delivery and compete more effectively with commercial banks, particularly in retail banking and small-business financing.
For consumers, the expansion is likely to result in wider access to digital financial services, faster transaction processing and increased competition, which could ultimately translate to lower transaction costs.
Despite the licence upgrade, the CBN emphasised that the approved institutions remain subject to strict regulatory oversight. The apex bank noted that compliance with anti-money laundering regulations, consumer protection rules, data security standards and capital requirements remains mandatory.
Beneficiaries of the approval are also required to maintain strong internal control mechanisms and submit periodic regulatory reports, with any breach of guidelines liable to attract sanctions, including suspension or withdrawal of operating licences.
The decision has been welcomed across Nigeria’s technology and financial sectors, with fintech operators describing the approval as a validation of sustained investments in infrastructure, regulatory compliance and customer trust.
Small and medium-sized business owners, many of whom rely heavily on mobile money agents and digital payment platforms, have also reacted positively, expressing optimism that nationwide operations will improve service reach and reliability.
However, some industry observers have advised the CBN to maintain close monitoring of fintech expansion to minimise systemic risks, especially as digital platforms assume an increasingly central role in daily financial transactions.
The approval comes at a time when Nigeria’s fintech sector continues to attract strong local and international investment, further strengthening the country’s position as a leading digital finance hub in Africa. As Opay, Moniepoint and other beneficiaries commence nationwide expansion, attention will be focused on how effectively they sustain service quality while scaling operations across Nigeria’s diverse markets.
