By Ashiru Taofeek Adewale
The Central Bank of Nigeria (CBN) has upgraded the operating licences of several financial technology companies and microfinance banks (MFBs) to national status, formally authorising them to operate across all states of the federation.
The upgrade was announced at the Committee of Heads of Banks’ Operations (CHBOs) conference held in Lagos, following a regulatory review of institutions whose operations had expanded beyond the geographic limits of their original licences.
The CBN emphasized that the upgrade is not automatic and is reserved for institutions meeting stringent capital, compliance, and operational benchmarks. The shift addresses a growing discrepancy where numerous fintechs and digital lenders served customers across Nigeria while holding licences that confined them to specific regions.
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