CBN grants final approval for new finance firm to operate in Nigeria 

The apex bank conveyed the decision in a correspondence addressed to the Managing Director/CEO of Ascensia Finance Company, confirming that the licence was granted following a review of the firm’s application and associated documentation.

The letter, signed by Dr. Abubakar Shebe on behalf of the Director, Financial Policy and Regulation Department, stated that the approval is subject to compliance with the Central Bank of Nigeria Act, the Banks and Other Financial Institutions Act (BOFIA) 2020, and other applicable regulations.

“Failure to abide by these laws and regulations may be grounds for revocation of your licence,” the CBN warned in the letter.

The regulator also stressed the need for due diligence, noting that any adverse report on the company’s board members or management could lead to the invalidation of appointments or revocation of the authorisation.

Ascensia Finance Company is now expected to notify the CBN of its commencement date to enable the update of regulatory records. The formal licence certificate, according to the letter, will be issued in due course.

Finance companies in Nigeria operate in a space regulated by the CBN and typically provide consumer and commercial credit, asset financing, and other financial services. The approval of new players like Ascensia comes amid increased attention to financial inclusion and credit accessibility, although regulatory scrutiny remains high to prevent abuse and protect consumers.

In a statement sent to Naijaonpoint on Tuesday confirming receipt of the approval, Managing Director of Ascensia Finance Company, Jude Chuka Ezeamii, said the firm aims to offer sustainable financing solutions tailored to the needs of SMEs, local corporates, and professionals in both the public and private sectors.

With its licence approval secured, Ascensia Finance Company joins a growing list of finance firms expected to help deepen credit access for underserved sectors of the economy.