The Central Bank of Nigeria has granted Ascensia Finance Company Limited final approval to operate as a finance company in Nigeria.
This decision, communicated in an official letter dated April 10, 2025, followed a thorough review of the firm’s application and supporting documents.
The letter, signed by Dr. Abubakar Shebe on behalf of the Director of the Financial Policy and Regulation Department, highlighted that the approval for Ascensia Finance Company Limited is contingent upon compliance with the Central Bank of Nigeria Act, the Banks and Other Financial Institutions Act (BOFIA) 2020, and other relevant 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 emphasized the importance of due diligence, warning that any negative reports regarding the company’s board members or management could result in the invalidation of their appointments or the revocation of the company’s authorization to operate.
Ascensia Finance Company is required to inform the CBN of its commencement date to allow for the update of regulatory records. The formal license certificate will be issued at a later date.
Finance companies in Nigeria, regulated by the CBN, typically offer consumer and commercial credit, asset financing, and other financial services.
The approval of new entrants like Ascensia highlights the increased emphasis on financial inclusion and enhancing credit access in Nigeria. However, regulatory oversight remains rigorous to safeguard consumers and prevent potential misuse.
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.
