Opay, PalmPay Upgraded to National Status by the CBN, what does this mean?

Opay, PalmPay, Kuda & Moniepoint Upgraded to National Status by the CBN

What does this mean?

Opay, PalmPay, Kuda, and Moniepoint have been upgraded to National Status by the Central Bank of Nigeria (CBN).

This means they can now open physical offices in all states across Nigeria, and it confirms that they have met the ₦5 billion minimum capital requirement set by the CBN.

You can now use these fintech banks as salary accounts, and their statements of account are acceptable for international travel and visa purposes.

BUT there are still limitations:

• They will not receive cash deposits at their offices like traditional banks.

• They cannot issue cheque books.

• Some core services offered by commercial deposit money banks are still unavailable.

There is still a huge gap between them and traditional commercial banks such as UBA, Access Bank, First Bank, Zenith Bank, etc.

This upgrade did not happen to only Opay, PalmPay, Kuda, and Moniepoint, other fintech banks were also upgraded.