Is OPay Legit? Is Moniepoint Safe? What the CBN Licence Upgrade Means and How to Check Any App Yourself

Before the upgrade, microfinance banks held licences that limited where they could operate. The report says these firms had grown through mobile technology and agent networks and had outgrown regional licences. A national licence recognises that they already serve customers across the country. It also brings higher capital requirements. AllAfrica gives one figure, ₦5 billion for national microfinance banks, and notes that national licencees must keep offices for resolving disputes. In plain terms, you should have a physical place to take a complaint.

A fine for KYC failures means a regulator found weaknesses in how a company verified customers. It is not a finding of fraud. One guide we read makes the same distinction. Still, it explains why accounts sometimes get restricted: companies must follow identity rules, and the regulator can punish them if they do not. If your account is limited, our report on a PalmPay account freeze shows what customers describe and what to do first. For the wider rules, see our guide to CBN fintech regulations in 2026.

The licence category is the muddy part. One guide says OPay, PalmPay and Moniepoint hold mobile money operator licences, while Kuda is a licensed microfinance bank. Other reports call Moniepoint a microfinance bank, and the AllAfrica article describes the group as fintechs and microfinance banks without saying who holds which category. A Nairametrics list from March 2023 named Moniepoint, Kuda, VFD, PiggyVest, FairMoney and Carbon among digital banks operating under microfinance bank licences, but it is three years old.

The category matters because deposit insurance can depend on it. One blog says PalmPay deposits are insured by the Nigeria Deposit Insurance Corporation (NDIC) up to ₦5 million per customer. We could not verify that figure on an official page, and we have not found a source that settles the rules for every app. Before you keep a large balance in any wallet, ask the company in writing which licence it holds and whether the NDIC insures your deposit, and confirm with the NDIC.

We have not linked the CBN or NDIC list pages because their exact addresses change. Type the regulator’s name yourself and use its official domain, not a link from a message.

Safety is one factor. Fees and limits matter too. Our explainer on how OPay makes money shows why free services have costs elsewhere, our POS charges guide lists what agents may charge, and microfinance banks versus commercial banks explains the practical differences.

Is OPay licensed? Reports say the CBN upgraded OPay to national status in January 2026. Confirm the licence category on the CBN’s list.

Is Moniepoint safe? It is a CBN-licensed institution, according to the same report, and it was fined in 2024 for KYC failures. A licence and a fine both show that the regulator is watching.

Are my deposits insured? It depends on the licence type and NDIC membership. Check before you rely on it.

Can a licensed app still freeze my account? Yes. Identity checks and fraud flags can restrict accounts.

Have you had a good or bad experience with a fintech app? Tell us in the comments, without posting your account number or phone number. We last checked this page on 17 October 2026, using AllAfrica and Nairametrics.

Recommending and sharing stories helps us decide which stories are most important to show our readers.

Recommend Story 0 Share: About the author Joy Murna Joshua Senior Correspondent Lagos, Nigeria

Joy Murna Joshua is a Senior Correspondent for The Gazette News, covering major shifts across emerging technologies, national fiscal policies, and economic developments in Nigeria.… Read full bio →

Google News Follow WhatsApp Join channel Telegram Join channel Facebook Join channel X Join channel Instagram Join channel YouTube Join channel LinkedIn Join channel TikTok Join channel Pinterest Join channel Support independent journalismSupport independent journalismThe Gazette takes no government money. If this reporting was useful to you, a one-off contribution helps us keep reporters in the field and our work free to read.

Secure payment · One-off or monthly · Cancel anytime

Comments are moderated under our Commenting Guidelines. Be human, be fair.

Your email address will not be published. Required fields are marked *

Save my name, email, and website in this browser for the next time I comment.

Notify me of follow-up comments by email.

How To Tell If a Money App Is Licensed By The CBN

Polaris Bank USSD Code *833#: Transfer, Balance and Airtime Codes, With Charges and Limits

How Nigeria’s Naira Crisis Is Quietly Funding Terror

Gombe Dangote Shares: ₦149.2m to Make 28,284 Women Refinery Shareholders

The Gazette Daily Brief — the five stories that matter, in your inbox by 7am.

We use cookies to run the site, understand which reporting is read, and — where you agree — to show ads matched to your interests. Read our Cookie Policy

Your ad blocker is on. Advertising is what pays our reporters and keeps this site free to read — no subscription required. Allowing ads here costs you nothing and helps us keep reporting.

Continue without ads Need help? Contact us

Advertise with The Gazette Advert placement & enquiries Talk to our team about advert placement, sponsorships and partnership enquiries. We usually reply within business hours.