CBN Grants National Status to Opay, Moniepoint, Others in Major FinTech Shake-Up

BREAKING: Nigerian Stories has announced via its official X (formerly Twitter) handle that the Central Bank of Nigeria (CBN) has approved a landmark upgrade for leading financial technology companies and selected Microfinance Banks (MFBs), granting them national operating status across the country.
The unprecedented move, which affects major players such as Opay and Moniepoint, signals a significant shift in Nigeria’s financial services landscape, expanding the reach of digital banking and strengthening financial inclusion nationwide.
With the new status, the upgraded FinTechs and MFBs are now empowered to operate seamlessly across all states of the federation, transcending previous regional or state-based limitations. Industry analysts say the decision is a bold step by the CBN to modernise Nigeria’s payment ecosystem, deepen cashless transactions, and accelerate access to banking services for millions of underserved Nigerians.
The development is also expected to intensify competition within the financial sector, drive innovation, create jobs, and enhance service delivery, particularly in rural and semi-urban communities where traditional banking presence remains limited.
Observers describe the upgrade as a vote of confidence in the operational capacity, compliance standards, and technological resilience of Nigeria’s leading FinTech firms, further positioning the country as a hub for digital finance in Africa.
As Nigerians react to the announcement, stakeholders await further details from the CBN on the full list of beneficiaries and the regulatory framework guiding their nationwide operations.