OPay and Moniepoint have reportedly filed for a U.S. banking licence, according to a scoop shared by reputable tech journalist Benjamin Dada on his X page. If confirmed, the move would mark a historic milestone for Africa’s fast-growing financial technology sector.
All the fintech news coming out of the world is overwhelming.
— Benjamin Dada (@DadaBen_) September 30, 2025
Slow down, pls!
- Visa has announced support for pre-funding in stablecoins
- LATAM's Opay/Moniepoint has filed for a US banking licence
- Brex has announced its stablecoin play.
It'll also signals ambitions beyond the continent and into one of the world’s most highly regulated banking markets.
Breaking the African Mold
OPay and Moniepoint have become household names in Nigeria and across parts of Africa, powering everyday transactions through mobile wallets, point-of-sale (POS) terminals, and digital banking services.
Moniepoint, formerly TeamApt, currently operates under a Nigerian Microfinance Bank (MFB)licence but has been working toward securing a full commercial banking licence at home.
On the other hand, OPay is a Chinese-owned fintech operation in Nigerian market and the company is backed by SoftBank Group Corp—a Japanese multinational conglomerate headquartered in Tokyo, primarily operating as an investment holding company.
In essence, OPAY has expanded aggressively in payments and digital banking to the extent that it's reached tens of millions of users in Nigeria alone. Meanwhile, it's worth noting that both firms were recently fined by Nigeria’s Central Bank for compliance lapses. This underscores the regulatory scrutiny that comes with their rapid growth.
Why the U.S.?
A U.S. banking licence would give either company access to the world’s most liquid financial system and the ability to serve diaspora communities, fintech partners, and global enterprises. It would also allow them to compete directly with challenger banks and digital-first institutions in North America.
But entering the U.S. market is no small feat. The path to a banking charter is complex, and this is because it involves oversight from the Office of the Comptroller of the Currency (OCC), the Federal Deposit Insurance Corporation (FDIC), and possibly the Federal Reserve.
If Moniepoint and OPAY are really eyeing the market, then they must demonstrate strong capital bases, governance structures, and compliance frameworks—hurdles that have blocked other African fintechs in the past.
Latin America and Beyond
Dada’s tweet described the development as “LATAM’s OPay/Moniepoint”, hinting at potential ties to Latin American expansion plans. Neither company has yet made a public statement clarifying whether the licence filing is linked to broader operations in Latin America or if “LATAM” refers to a regional holding entity.
As of now, neither OPay nor Moniepoint has issued an official press release, and U.S. regulatory filings confirming the move have not been made public. Still, given the credibility of the source, industry watchers are treating the news as an early indication of the fintech giants’ global ambitions.
If successful, the approval would position OPay and Moniepoint as the first Nigerian-born fintechs to secure a U.S. banking licence, cementing their transition from African market leaders to global financial contenders.
