The Central Bank of Nigeria has upgraded the licences of leading fintech firms and microfinance banks, allowing them to operate across all 36 states and the Federal Capital Territory.
The move recognises that these digital finance companies have expanded beyond regional operations and require nationwide approval to operate legally.
The upgrade comes with stricter rules, including higher capital requirements, enhanced regulatory oversight, stronger customer protection, and clearer complaint resolution mechanisms.
Authorities say the licensing revision closes regulatory gaps, protects customer funds, boosts confidence in Nigeria’s digital finance system, and promotes financial inclusion.
Officials clarified that the upgrade does not turn these firms into traditional banks, but ensures they operate under tighter supervision as they expand nationwide.
