“FINTECH BOOM: CBN GRANTS NATIONAL LICENSES TO OPAY, MONIEPOINT, AND OTHERS “
GREATRIBUNETVNEWS–THE Central Bank of Nigeria (CBN) has upgraded the licenses of major FinTech companies and Microfinance Banks, allowing them to operate across the country. Here are the key highlights:
– National Licenses : Opay, Moniepoint, Kuda Bank, Palmpay, and Paga have been upgraded to national status, enabling nationwide operations.
– Regulatory Compliance : The upgrade follows compliance with regulatory requirements, including higher capital requirements (N5 billion for national MFBs).
– Physical Presence : FinTechs must maintain offices for customer support and dispute resolution, catering to the informal sector.
– Financial Inclusion : The move is expected to drive financial inclusion, leveraging mobile technology and agent networks.
_”Institutions like Moniepoint MFB, Opay, Kuda Bank, and others have now been upgraded. In practice, their operations are already nationwide,”_ Yemi Solaja, Director of Other Financial Institutions Supervision Department, CBN.
_”Most of their customers operate in the informal sector. They need a clear point of contact if any issues arise,”_ Solaja added
The reform follows previous enforcement actions, including 2024 penalties of N1 billion each on Moniepoint and Opay for KYC non-compliance, underscoring the CBN’s ongoing efforts to strengthen standards in digital finance
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