The Central Bank of Nigeria has upgraded OPay, Moniepoint, Kuda, PalmPay and Paga from regional or state operating licences to national licences, Yemi Solaja, director of the central bank's Other Financial Institutions Supervision Department, said at the Committee of Heads of Banks' Operations annual conference in Lagos, according to reports published on 26 January 2026.

The upgrade allows the firms to operate across all of Nigeria’s states. Moniepoint and Kuda operate as microfinance banks, and reports linked the move to the N5 billion minimum capital requirement for national microfinance banks. The licences are distinct from payment service bank (PSB) licences, a separate category in the central bank’s framework.

SCALE AND SUPERVISION

The five firms serve tens of millions of Nigerian customers through agent networks, mobile apps and point-of-sale terminals. National licences bring wider reach and closer supervision, including stricter capital, risk-management and consumer-protection requirements.

Sources: Nairametrics, 26 January 2026; Vanguard, January 2026; PM News, 27 January 2026.

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