LegalBizPro - CAC Business Guides

Fintech has changed how Nigerians handle money. Sending cash, paying bills, buying airtime, saving, using PoS machines, and running their businesses . These apps have replaced a lot of what used to mean a trip to a conventional bank. However, not all fintechs are the same under the law.  The Central Bank of Nigeria (CBN) issues different types of licences for banks, microfinance banks, payment service providers, and mobile money operators. As a result, the licence a company holds decides what it is actually allowed to do. Here are five popular payment and transaction platforms and where they stand. OPay OPay Digital Services is often regarded as the biggest name in the Nigerian fintech space. It handles transfers, bill payments, airtime, and more. By 2026 reports, it had passed 50 million users.  In January 2026, the CBN upgraded OPay's licence to national status, letting it operate across the whole country as long as it keeps meeting compliance and regulatory requirements. Pa...

One of the leading fintech companies in Nigeria, OPay (Opay Digital Services), has dismissed a fast-spreading and malicious social media publication about its cessation of business in Nigeria. According to the false claims, OPay would embark on a prolonged break from September 1, 2026, urging its customers to withdraw or move their funds. Misleading Information  As of the time of writing this article, the fabricated publication has gained traction across social media platforms, purportedly warning OPay customers that fintech would shut down its operations for an extended period. Using its official X and other social media platforms, OPay, described the claim as false, assuring customers that the company remains fully operational. In the statement titled ‘This is FALSE,’ the fintech said: “OPay is not going on break by September. We’re here, and we’re going nowhere!” The company further urged its customers and members of the public to scrutinise the viral publication for inconsisten...