By Anastasia John E
The Central Bank of Nigeria (CBN) has officially approved Ascensia Finance Company Limited to operate as a finance company within the country. A formal letter dated April 10, 2025, obtained by Nairametrics, confirmed the apex bank’s decision.
The CBN, in its communication to Ascensia Finance Company’s Managing Director/CEO, stated that the final license was granted after a thorough review of the company’s application and supporting documentation.
Dr. Abubakar Shebe, signing on behalf of the Director of the Financial Policy and Regulation Department, emphasized that the approval is contingent upon strict adherence to the Central Bank of Nigeria Act, the Banks and Other Financial Institutions Act (BOFIA) 2020, and all other relevant regulations.
The CBN letter explicitly warned, “Failure to abide by these laws and regulations may be grounds for revocation of your licence.”
Furthermore, the regulator underscored the importance of ongoing due diligence, noting that any negative findings regarding the company’s board members or management could lead to the nullification of appointments or the withdrawal of authorization.
Ascensia Finance Company is now required to inform the CBN of its intended commencement date to allow for updates to regulatory records. The official license certificate will be issued subsequently, according to the CBN.
Finance companies in Nigeria operate under CBN regulation, typically offering services such as consumer and commercial loans, asset financing, and other financial products. The authorization of new entities like Ascensia occurs within a context of increasing focus on financial inclusion and access to credit, although regulatory oversight remains robust to safeguard against malpractices and protect consumers.
Ascensia Confirms Approval, Outlines Focus
In a statement released to Nairametrics on Tuesday, Ascensia Finance Company’s Managing Director, Jude Chuka Ezeamii, confirmed the receipt of the final approval. He stated that the company’s objective is to provide sustainable financing solutions specifically tailored to the requirements of SMEs, local corporations, and professionals in both the public and private sectors.
CBN Authorizes Ascensia Finance to Operate in Nigeria
