Nigeria’s fintech sector began this year with headlines announcing that the Central Bank of Nigeria (CBN) had elevated OPay, Moniepoint, Kuda, PalmPay, and Paga to national microfinance bank status.
“With this upgrade, the CBN officially recognises that these digital finance companies already serve customers nationwide, having outgrown regional operations, and require to be properly licensed to operate legally across the nation.
“The upgrade comes with stricter operational rules for the companies. These include higher capital requirements, stronger regulatory oversight, better customer protection, and clearer channels for resolving complaints,” the National Orientation Agency (NOA) wrote on X.
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Last updated: October 7, 2026
