The Central Bank of Nigeria (CBN) has formally granted national status to the operating licences of a number of prominent financial technology companies and microfinance banks (MFBs). Several significant fintech companies and microfinance banks, such as OPay, Moniepoint Group, PalmPay, Smartcash PSB, and Kuda, have had their licences upgraded by the Central Bank of Nigeria (CBN), granting them full national operating status. Major participants, such as Moniepoint Microfinance Bank, OPay, Kuda Bank, and others, now have national licenses that officially allow them to operate in all of the federation’s states rather than just a few. According to the Central Bank of Nigeria (CBN), these companies’ real activities and their original licenses differed. For instance, compared to state or unit operators, national microfinance banks must maintain far greater capital levels.