The Central Bank of Nigeria (CBN) has granted approval to Ascensia Finance Company Limited to operate as a finance company.
This has added to the growing number of licensed financial institutions positioned to support economic growth through access to credit.
The approval was communicated in a letter signed by Dr. Abubakar Shebe, on behalf of the Director of the Financial Policy and Regulation Department of the apex bank.
The regulatory green light aligns with the provisions of the Central Bank of Nigeria Act of 2007 and the Banks and Other Financial Institutions Act (BOFIA) 2020, as well as other regulatory guidelines issued by the CBN.
The company has been requested to inform the Central Bank of the date it intends to commence operations, which will enable the regulator to update its records. The official license, according to the CBN, will be issued in due course.
Ascensia Finance Company is expected to focus its operations on supporting small and medium-sized enterprises (SMEs), which remain critical to Nigeria’s economic development.
The company’s promoters bring a wealth of experience in financial services, and they plan to harness this background to bridge existing financing gaps affecting small businesses, professionals, and wage earners.
In a statement following the CBN’s decision, the Managing Director of Ascensia, Mr. Jude Chuka Ezeamii, described the approval as a timely development for small businesses and self-employed individuals across the country. “Ascensia will bring succour to SMEs, local corporates, self-employed professionals, and salaried employees in both the private and public sectors by creating workable access to sustainable financing they require to meet their business needs,” he said.
He explained that the company intends to redefine the SME financing landscape by using technology to extend financial services across area councils in the Federal Capital Territory and into major Nigerian cities within the first two years of its operations.
On his part, the Chairman of Ascensia Finance Company, Mr. Nelson Omanibe, noted that the firm’s product offerings upon launch will be designed to align with and support the various small business initiatives introduced by the current administration. These products, he said, will serve as a complement to national efforts to expand financial inclusion and empower entrepreneurs.
President Bola Tinubu’s administration has, since inception, rolled out several initiatives aimed at stimulating economic activities, particularly among small business operators. These include nano-business grants for more than 600,000 beneficiaries, with an additional 400,000 set to be reached, as well as micro and small business loans designed to support 75,000 businesses with up to N1 million each in single-digit interest loans.
Ascensia’s entry into the finance sector is expected to deepen the credit market for SMEs, who often struggle with limited access to formal financing. By combining regulatory compliance with technological innovation, the company is positioning itself to become a key player in Nigeria’s evolving financial services landscape.