Key Details of the License Upgrade
•Nationwide Operations: Both OPay and Moniepoint are now formally authorized to conduct operations across all 36 states and the Federal Capital Territory (FCT), reflecting their existing widespread reach.
•Stricter Oversight: The upgrade brings these companies under tighter regulatory supervision by the CBN, with stricter standards for governance, risk management, and reporting.
•Higher Capital Requirements: As national operators, these institutions must meet a higher minimum capital base, which is ₦5 billion for national microfinance banks.
•Physical Presence: The new status requires the fintechs to establish physical offices and customer service centers in key locations nationwide to enhance customer support and dispute resolution, particularly for users in the informal sector.
•Expanded Services: With national licenses, their accounts can be officially used for salary payments, and account statements are recognized for official uses like international travel or visa applications.
This move formalizes the significant role these fintechs play in the Nigerian financial landscape and aims to ensure greater stability and accountability in the rapidly growing digital finance sector.