Lagos, Jan. 27, 2026 – The Central Bank of Nigeria (CBN) has upgraded some FinTech companies and microfinance banks to national status.
Yemi Solaja, the Director of the Other Financial Institutions Supervision Department at CBN, announced this in Lagos on Monday.
He listed some of the affected Fintech companies to include Opay, Moniepoint, Moniepoint MFB, Opay, Kuda Bank, Palmpay, and Paga.
Solaja said the upgrade affected only key players which have grown rapidly through mobile technology and agent networks to enable them to operate across the country.
He said the upgrade was not automatic and the affected companies met specific compliance and operational benchmarks before their qualification.
CBN director said the upgrade also correct a regulatory gaffe as many of these fintech companies were serving customers across the country in spite of the restricted status.
He said physical presence of these companies was essential to enable them meet the demands of their customers as many of them operate in the informal sector.
