The Central Bank of Nigeria (CBN) has approved the operating licence upgrades for major financial technology (fintech) companies and microfinance banks (MFBs), including Opay, Moniepoint, Kuda, PalmPay, Paga and others, allowing them to operate with national status across all 36 states and the Feder... The Central Bank of Nigeria (CBN) has approved the operating licence upgrades for major financial technology (fintech) companies and microfinance banks (MFBs), including Opay, Moniepoint, Kuda, PalmPay, Paga and others, allowing them to operate with national status across all 36 states and the Federal Capital Territory. The statement revealed that the upgrade comes with stricter operational rules for the companies, which include higher capital requirements, stronger regulatory oversight, better customer protection, and clearer channels for resolving complaints. The statement reads, “The upgrade also helps close regulatory gaps, ensures customer funds are better protected, and strengthens confidence in Nigeria’s digital financial system. Rather, it ensures that as they grow and operate nationwide, they do so under tighter supervision to keep the financial system stable and secure.”