The Central Bank of Nigeria (CBN) has upgraded the operating licences of leading financial technology firms and microfinance banks, including Opay and Moniepoint, granting them national status and authorising them to operate across the country. The regulatory upgrade follows the firms’ compliance with stipulated requirements and reflects their rapid expansion beyond regional boundaries. Beneficiaries of the approval include Moniepoint Microfinance Bank, Opay, Kuda Bank, PalmPay and Paga, all of which have leveraged mobile technology and extensive agent networks to scale their services nationwide. Confirming the development in Lagos, the Director of the CBN’s Other Financial Institutions Supervision Department, Mr Yemi Solaja, said the affected institutions had effectively been operating at a national level prior to the formal upgrade. “Institutions like Moniepoint MFB, Opay, Kuda Bank and others have now been upgraded. In practice, their operations are already nationwide,” ...