The Central Bank of Nigeria (CBN) has granted final approval to Ascensia Finance Company Limited, officially authorising it to operate as a finance company within the country. The decision was conveyed in a letter dated 10 April 2025, which was seen by Nairametrics.
The CBN addressed the correspondence to the Managing Director/Chief Executive Officer of Ascensia Finance Company, confirming that the licence had been approved following a thorough review of the company’s application and submitted documentation.
Signed by Dr Abubakar Shebe on behalf of the Director of the Financial Policy and Regulation Department, the letter noted that the authorisation is contingent upon strict compliance with the Central Bank of Nigeria Act, the Banks and Other Financial Institutions Act (BOFIA) 2020, and all other relevant regulations.
“Failure to abide by these laws and regulations may be grounds for revocation of your licence,” the letter cautioned.
The apex bank also emphasised the importance of upholding governance standards, warning that any adverse reports regarding the company’s board members or management could lead to the cancellation of their appointments or the withdrawal of the licence.
As part of its obligations, Ascensia Finance Company is now expected to notify the CBN of its official commencement date to facilitate updates to regulatory records. While the formal licence certificate is yet to be issued, the central bank confirmed that it would be released in due course.
Finance companies in Nigeria fall under the regulatory oversight of the CBN and typically engage in consumer and commercial lending, asset financing, and various other financial services. The entrance of new players such as Ascensia comes at a time when the financial ecosystem is placing greater emphasis on credit accessibility and financial inclusion, though regulatory oversight remains stringent to ensure consumer protection and operational integrity.
Confirming the development in a statement issued on Tuesday, Ascensia’s Managing Director, Jude Chuka Ezeamii, said the company is positioned to deliver sustainable financing solutions tailored to the needs of SMEs, local businesses, and professionals across both public and private sectors.
Ezeamii, a seasoned professional with extensive experience in retail and commercial banking, added that the firm will harness technology to scale its operations across the area councils in Abuja, with plans to expand into key Nigerian cities within its first two years.
Chairman of Ascensia, Nelson Omanibe, expressed similar optimism regarding the company’s future, saying its financial products are designed to complement the government’s efforts to uplift small businesses. He referenced the economic strategy of President Bola Tinubu’s administration, highlighting initiatives such as nano-business grants and targeted credit facilities as part of a broader push to revitalise the SME landscape.
With its operating licence now in hand, Ascensia Finance Company joins the growing roster of finance firms expected to enhance credit access and support the underserved segments of Nigeria’s economy.