The Central Bank of Nigeria (CBN) has approved an upgrade in the operational scope of several major financial technology companies and microfinance banks, granting them national status and allowing them to operate across all states in Nigeria.

The upgrade affects prominent digital finance platforms including Opay and Moniepoint, alongside other licensed fintech firms and microfinance banks that previously operated under state or regional licenses. The decision marks a significant shift in Nigeria’s financial services landscape as the apex bank expands access to digital banking nationwide.

According to regulatory sources, the move follows compliance reviews and operational assessments carried out by the CBN to ensure that the affected institutions meet capital, governance, and risk management requirements needed for nationwide operations.

With the new status, these fintech firms and microfinance banks can now legally expand services beyond their former geographical limits, opening branches, deploying agents, and offering financial products across the country.

The CBN’s decision is expected to strengthen financial inclusion, particularly in underserved and rural areas where traditional banking infrastructure remains limited. Fintech companies such as Opay and Moniepoint have built extensive agent networks that provide services including payments, transfers, bill payments, and small business banking.

By granting national operational status, the CBN is effectively recognizing the growing role of fintechs in Nigeria’s financial ecosystem and their ability to complement traditional banks.

Industry analysts say the upgrade will enable these firms to scale faster, improve service delivery, and compete more directly with commercial banks, especially in retail banking and small business finance.

For customers, the move could translate to wider access to digital financial services, faster transaction processing, and increased competition that may help lower transaction costs.

The CBN has emphasized that the upgraded institutions remain subject to strict regulatory supervision. Officials noted that the national status does not remove compliance obligations related to anti money laundering controls, consumer protection, data security, and capital adequacy.

Financial institutions granted the upgrade are expected to maintain strong internal controls and submit regular reports to the regulator. Any breach of guidelines could result in sanctions or withdrawal of the license.

The apex bank has in recent years tightened oversight of digital lenders and fintech platforms to curb fraud, protect consumers, and ensure system stability. The upgrade decision is seen as part of a broader effort to balance innovation with regulation.

The announcement has been welcomed across Nigeria’s tech and financial sectors. Fintech operators say the decision validates years of investment in infrastructure, compliance, and customer trust.

Small business owners, particularly those who rely on mobile money agents and digital payment platforms, have also reacted positively, expressing hope that nationwide operations will improve service availability and reliability.

However, some observers have urged the CBN to continue monitoring rapid fintech expansion to avoid systemic risks, especially as more Nigerians rely heavily on digital platforms for daily transactions.

The upgrade comes at a time when Nigeria’s fintech sector continues to attract local and international investment, positioning the country as one of Africa’s leading digital finance hubs.

As Opay, Moniepoint, and other upgraded institutions begin nationwide expansion, attention will be on how effectively they maintain service quality while scaling operations across Nigeria’s diverse markets.