IBM Networks

Central Bank of Nigeria has redesignated select digital microfinance banks from State to national status due to their widespread coverage.

The Apex Bank said the move is aimed at aligning licensing structures with actual operational footprint of Fintechs & MFBs.

Affected MFBs and Fintechs include Moniepoint, Palmpay, Kuda, Opay, amongst others.

The upgrade will require them to have physical branches across the country to "help resolve disputes and serve informal sector customers who need face-to-face engagement."