The Central Bank of Nigeria (CBN) has approved a major regulatory upgrade for leading financial technology companies, granting national fintech and microfinance bank (MFB) status to firms including OPay and Moniepoint.
The move marks a significant shift in Nigeria’s financial ecosystem, allowing the newly upgraded institutions to operate nationwide with broader permissions, deeper market reach, and expanded financial services. With the new status, these fintech firms are now better positioned to drive financial inclusion, especially among unbanked and underbanked populations across the country.
Industry analysts describe the upgrade as a strong signal of regulatory confidence in fintech-led banking models, reflecting years of operational growth, customer adoption, and compliance with evolving financial regulations. The decision is also expected to intensify competition within Nigeria’s banking sector, pushing traditional banks and digital platforms alike to innovate faster.
For millions of Nigerians who rely on mobile money, agency banking, and digital payment platforms, the upgrade promises improved service delivery, stronger consumer protection, and wider access to credit and savings products.
As Nigeria’s digital economy continues to expand, the CBN’s action is being seen as a strategic step toward modernising financial services while aligning fintech innovation with national economic goals.
