• 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

African Export-Import Bank (Afreximbank) has terminated its credit rating relationship with Fitch Ratings.

In an announcement on its website, Afreximbank explained that it’s decision follows a review of the relationship, and its firm belief that the credit rating exercise no longer reflects a good understanding of the Bank’s Establishment Agreement, its mission and its mandate.

The bank maintained that it’s business profile remains robust, underpinned by strong shareholder relationships and the legal protections embedded in its Establishment Agreement, signed and ratified by its member states.

Reuters, in an additional report , said that Afreximbank has been in a battle over whether it must take losses on loans to debt-defaulted countries, including Ghana and Zambia, which turns on whether it enjoys so-called “preferred creditor status”.

Fitch cut Afreximbank’s credit rating to one notch above “junk” status last year, citing high credit risks and weak risk-management policies, and put it on a “negative outlook” – rating agency terminology for another downgrade warning.

It has also said that any ‌weakening of preferred creditor status at institutions like Afreximbank “could lead to negative rating action.”

Image credit : Unctad

UN Trade and Development has reported that out of $1.6 trillion global foreign direct investment (FDI) in 2025, data centres attracted more than one fifth of global greenfield projects, with announced investment exceeding $270 billion.

In the report published this week on its website, Unctad, said that the demand for data centers investment was driven by AI infrastructure and digital networks.

The report reads:

” France, the United States and the Republic of Korea led as host countries, while emerging markets such as Brazil, India, Thailand and Malaysia also attracted major projects.

Similarly, the value of newly announced semiconductor projects rose by 35%.

By contrast, project numbers fell sharply by 25% in tariff-exposed, global value chain-intensive sectors.

Textiles, electronics and machinery were particularly affected.

While investment in technology-driven, capital-intensive projects lifts overall FDI figures, flows remain highly concentrated and generate limited spillovers.

Policies should aim to link digital infrastructure investment more closely to skills development, innovation systems and local value creation.