Business

CBN grants Opay, Moniepoint, Kuda Palmpay and Paga national banks status

With national licenses, these FinTechs are subject to higher capital requirements, for example, N5 billion for national MFBs, and must maintain offices for dispute resolution while continuing to drive financial inclusion.

Published

7 months ago

January 27, 2026

OCHEFA

362 Views

• CBN Governor Olayemi Cardoso

THE Central Bank of Nigeria (CBN) has upgraded the licenses of major FinTech companies and Microfinance Banks, including Opay and Moniepoint, to national status, allowing them to operate across the country following compliance with regulatory requirements.

The upgrade applies to key players such as Moniepoint MFB, Opay, Kuda Bank, Palmpay, and Paga, which have grown rapidly through mobile technology and agent networks, effectively outgrowing their previous regional licenses.

The Director of the Other Financial Institutions Supervision Department, Yemi Solaja, confirmed this development in Lagos at the annual conference of the Committee of Heads of Banks’ Operations,

He said: “Institutions like Moniepoint MFB, Opay, Kuda Bank, and others have now been upgraded. In practice, their operations are already nationwide.”

Solaja emphasized the importance of physical presence for customer support, noting “Most of their customers operate in the informal sector.

They need a clear point of contact if any issues arise.

”With national licenses, these FinTechs are subject to higher capital requirements, for example, N5 billion for national MFBs, and must maintain offices for dispute resolution while continuing to drive financial inclusion.

The reform follows previous enforcement actions, including 2024 penalties of N1 billion each on Moniepoint and Opay for KYC non-compliance, underscoring the CBN’s ongoing efforts to strengthen standards in digital finance

Up Next

NAFDAC misleads the Senate to ban sachet alcohol – MAN

Don't Miss

Afreximbank terminates credit rating with Fitch

Click to comment

Business

Cybercriminals cloning DStv, other brands to steal bank accounts across Africa

According to cybersecurity company NordVPN, the campaign distributes Remote Access Trojans (RATs) and banking trojans, forms of malware that can give criminals control over infected devices and access to sensitive information.

Published

15 hours ago

August 21, 2026

OCHEFA

12 Views

Cybercriminals are impersonating popular companies and government agencies across Africa in a campaign designed to take over smartphones and bank accounts.

More than 100 fake websites linked to the malware campaign have been identified since August 2025.

Brands including DStv, Takealot and South African Airways, as well as the South African Revenue Service (SARS), are being used to make fraudulent messages and websites appear legitimate.

The attacks are particularly concerning in South Africa, where Android dominates the mobile operating system market.

NordVPN said the attacks typically begin with social engineering, where criminals send convincing messages through SMS, WhatsApp or social media.

The messages may contain urgent offers or requests involving job opportunities, tax refunds, identity renewals or pension verification.

Victims are then directed to fake websites designed to closely resemble the official websites of trusted organisations.

The sites encourage users to download an Android application. Once installed, the malicious software can operate quietly in the background, including after the smartphone is restarted.

Business

Cement price hits N16,000 per bag

The current cement prices mark a steep rise from late 2024, when a bag sold for around N7,500.

Published

15 hours ago

August 21, 2026

OCHEFA

18 Views

• Chairman of BUA cement, Abdul Samad Rabiu (ASR)

Cement dealers across Nigeria have announced fresh price increases, with a 50kg bag now selling for as much as N16,000 in some markets, up from N13,000 recorded by buyers just days earlier.

The current cement prices mark a steep rise from late 2024, when a bag sold for around N7,500.

By the third quarter of 2025, that had risen to about N9,000 before reaching the N12,000 to N16,000 range now seen across different locations.

Other building materials have followed a similar upward path. Blocks have climbed from around N600 to N1,100 each.

Sand has gone from N165,000 to N250,000 per 30 tonnes. Granite has risen from N530,000 to N780,000 per 30 tonnes.

Reinforcing steel now costs N1.15 million per tonne, up from N850,000.