In a regulatory shift, the Central Bank of Nigeria (CBN) has officially upgraded the operating licenses of Nigeria’s leading fintech giants, OPay, Moniepoint, and Kuda Bank to National Status.
This move signals that these “Digital Reach” platforms have effectively outpaced traditional regulatory designs, forcing a total reclassification of how digital banking operates in Africa’s largest economy.
For years, many fintechs operated under specialized or regional frameworks. This new National License removes the “handbrakes,” allowing these platforms to operate with the same geographic and transactional freedom as traditional tier-1 commercial banks.
Consequently, agent networks like OPay is now authorized to provide full-scale national payment and banking services, cementing its role as a primary financial hub for millions. As Moniepoint transitioning from a business-banking powerhouse to a national player, Moniepoint can now offer deep-tier credit and financial services to SMEs in every corner of the country.
More so, Kuda as officially shed its microfinance origins to operate as a full-service national digital bank, targeting the Gen Z and Millennial demographic nationwide.
The decision by the CBN follows a period of “hyper-growth” that traditional banking regulations struggled to contain. The upgrade is driven by:
Each of these entities has met the newly raised N5 Billion minimum capital requirement for national digital operations.
With millions of Nigerians relying on these apps for daily survival, the CBN recognized them as “Systemically Important Financial Institutions” (SIFIs) that require national oversight.
By granting national status, the government is leveraging the superior “Digital Reach” of these apps to bring the unbanked in the North and rural areas into the formal economy.
Thus, the phrase “speeding past regulatory design” highlights a major trend in 2026: Technology moves faster than the law. Analysts suggest that the CBN chose to upgrade the licenses rather than restrict them, acknowledging that the digital infrastructure of OPay and Moniepoint is now more agile than that of many legacy banks. This “upward harmonization” creates a level playing field where the only thing separating a fintech from a traditional bank is the physical building.
