By Ayo Kehinde
The Central Bank of Nigeria (CBN) has upgraded several leading fintech firms, including OPay, Moniepoint, and PalmPay, to national payment licences, marking a major step in the regulator’s effort to deepen financial inclusion and strengthen the digital payments ecosystem.
The licence upgrade allows the fintechs to operate across Nigeria without geographic restrictions, expand their service offerings, and scale agent networks nationwide.
Industry analysts say the move positions the firms to compete more directly with commercial banks in retail payments, merchant services, and small business financing.
OPay, Moniepoint, and PalmPay collectively serve tens of millions of users, particularly in underserved and informal segments of the economy.
With national licences, the companies can deploy more agents, deepen rural penetration, and support higher transaction volumes, reinforcing the shift away from cash-based transactions.
The development also reflects the CBN’s growing reliance on fintech platforms to drive financial inclusion, following years of investment in digital payments infrastructure.
Data from the apex bank shows that electronic transactions have continued to rise despite economic pressures, supported largely by fintech-led payment channels.
However, the upgrade comes with stricter regulatory expectations, including enhanced consumer protection, stronger anti-money laundering controls, and higher capital and reporting requirements.
Market observers note that while the licences create growth opportunities, they also intensify competition within Nigeria’s financial services sector, potentially pressuring traditional banks to innovate further.
The CBN said the approvals align with its broader goal of promoting a safe, efficient, and inclusive payment system capable of supporting Nigeria’s expanding digital economy.
