The Central Bank of Nigeria (CBN) has granted final approval to Ascensia Finance Company Limited to commence operations as a licensed finance company in Nigeria.
According to an official letter dated *April 10, 2025, obtained by *Nairametrics, the approval followed a comprehensive review of the company’s application and supporting documents. The notification, addressed to Ascensia’s Managing Director/CEO, confirms that the firm has met the regulatory requirements to operate in the country’s financial services sector.
CBN Sets Regulatory Conditions
Signed by Dr. Abubakar Shebe on behalf of the Director of the Financial Policy and Regulation Department, the CBN’s letter emphasizes that Ascensia’s operations must comply with the provisions of the *CBN Act, the *Banks and Other Financial Institutions Act (BOFIA) 2020, and all relevant financial regulations.
“Failure to abide by these laws and regulations may be grounds for revocation of your licence,” the letter warned.
The CBN also stressed the importance of proper corporate governance, stating that negative findings on the firm’s board members or senior management could lead to nullification of appointments or licence revocation.
Ascensia is required to inform the CBN of its official commencement date, which will enable the regulator to update its supervisory records. The bank also noted that the formal licence certificate will be issued in due course.
Ascensia Aims to Drive Inclusive Financing
Confirming receipt of the approval, Managing Director Jude Chuka Ezeamii expressed the company’s readiness to deliver innovative financial services tailored to Nigeria’s underserved markets.
“We aim to provide sustainable financing solutions that support SMEs, local corporates, and professionals across both public and private sectors,” said Ezeamii, a seasoned expert in retail and commercial banking.
He added that Ascensia intends to leverage technology to scale its operations—beginning with Abuja’s area councils and expanding into other major cities across Nigeria within the first two years of operation.
Chairman Nelson Omanibe also expressed optimism about the company’s launch, noting that Ascensia’s offerings align with ongoing government efforts to boost small businesses. He referenced President Bola Tinubu’s economic agenda, including nano-business grants and targeted credit schemes aimed at revitalizing the SME ecosystem.
A Boost for Financial Inclusion and Credit Access
Finance companies in Nigeria operate under the supervision of the CBN and typically offer services such as *consumer and commercial credit, asset financing, and **micro-lending. The approval of new entrants like Ascensia reflects ongoing efforts to expand credit access and promote *financial inclusion, especially for underserved communities.
As it prepares to enter the market, Ascensia Finance Company joins a growing network of non-bank financial institutions poised to play a critical role in bridging Nigeria’s credit gap.
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