CBN grants ultimate approval for brand spanking new finance agency to function in Nigeria 

The Central Financial institution of Nigeria (CBN) has granted ultimate approval to Ascensia Finance Firm Restricted to function as a finance firm within the nation, in accordance with an official letter dated April 10, 2025, seen by Nairametrics.

The apex financial institution conveyed the choice in a correspondence addressed to the Managing Director/CEO of Ascensia Finance Firm, confirming that the licence was granted following a overview of the agency’s software and related documentation.

The letter, signed by Dr. Abubakar Shebe on behalf of the Director, Monetary Coverage and Regulation Division, said that the approval is topic to compliance with the Central Financial institution of Nigeria Act, the Banks and Different Monetary Establishments Act (BOFIA) 2020, and different relevant rules.

“Failure to abide by these legal guidelines and rules could also be grounds for revocation of your licence,” the CBN warned within the letter.

The regulator additionally confused the necessity for due diligence, noting that any adversarial report on the corporate’s board members or administration might result in the invalidation of appointments or revocation of the authorisation.

Ascensia Finance Firm is now anticipated to inform the CBN of its graduation date to allow the replace of regulatory information. The formal licence certificates, in accordance with the letter, might be issued sooner or later.

Finance firms in Nigeria function in an area regulated by the CBN and usually present shopper and business credit score, asset financing, and different monetary companies. The approval of recent gamers like Ascensia comes amid elevated consideration to monetary inclusion and credit score accessibility, though regulatory scrutiny stays excessive to forestall abuse and shield shoppers.

Ascensia confirms licence approval 

In a press release despatched to Nairametrics on Tuesday confirming receipt of the approval, Managing Director of Ascensia Finance Firm, Jude Chuka Ezeamii, stated the agency goals to supply sustainable financing options tailor-made to the wants of SMEs, native corporates, and professionals in each the private and non-private sectors.

• Ezeamii, who has in depth expertise in retail and business banking, famous that the corporate plans to leverage expertise to scale its companies throughout Abuja’s space councils and develop into main Nigerian cities inside its first two years of operations.
• Chairman of the corporate, Nelson Omanibe, additionally expressed confidence within the firm’s readiness, stating that Ascensia’s product choices will complement authorities efforts to assist small companies. He referenced the President Bola Tinubu administration’s financial plans, which embody nano-business grants and focused credit score amenities aimed toward revitalising the SME sector.

With its licence approval secured, Ascensia Finance Firm joins a rising checklist of finance corporations anticipated to assist deepen credit score entry for underserved sectors of the economic system.