CBN Approves New Licences for Fintech Firms, Microfinance Banks

The Central Bank of Nigeria has approved new nationwide operating licences for selected fintech companies and microfinance banks, permitting them to conduct business across all 36 states and the Federal Capital Territory.

The decision follows the rapid expansion of digital finance firms beyond regional boundaries, prompting the need for a regulatory framework that reflects their growing national presence.

Under the revised licences, affected institutions must meet tougher conditions, including increased capital thresholds, stronger consumer protection measures, and improved complaint-handling systems, alongside closer regulatory supervision.

Regulators say the changes are aimed at safeguarding customer funds, strengthening trust in digital financial services, and supporting broader financial inclusion, while stressing that the firms remain distinct from conventional banks.