The Central Bank of Nigeria (CBN) has upgraded major FinTechs, including Opay and Moniepoint, to national status, recognizing their systemic importance in the country’s financial ecosystem. This move is part of a broader effort to regulate and oversee the rapidly growing fintech sector, ensuring stability and security for users. The upgrade comes after the CBN lifted restrictions on these fintechs, allowing them to onboard new customers, following compliance with Know Your Customer (KYC) standards and anti-money laundering regulations.
This development is expected to enhance the fintechs’ operations, expand their services, and increase their contribution to Nigeria’s financial inclusion goals. The CBN’s regulatory framework aims to balance innovation with consumer protection and national security concerns.
