CBN Grants Ascensia Finance Approval To Operate

The Central Bank of Nigeria (CBN) has granted final approval to Ascensia Finance Company Limited, officially licensing it to operate as a finance company in Nigeria.

In a letter dated April 10, 2025, the apex bank confirmed the decision after a comprehensive review of Ascensia’s application and documentation. The approval marks a significant step in bolstering Nigeria’s credit ecosystem, especially for micro, small, and medium-sized enterprises (MSMEs).

Signed by Dr. Abubakar Shebe on behalf of the Director of the Financial Policy and Regulation Department, the letter highlighted that the licence is contingent upon strict compliance with the CBN Act, the Banks and Other Financial Institutions Act (BOFIA) 2020, and related regulatory frameworks. The bank warned that any breach or adverse governance issues could lead to revocation of the licence or the removal of key officials.

Ascensia is required to notify the central bank of its official start date to enable proper regulatory documentation. While the formal licence certificate is yet to be issued, the approval clears the way for Ascensia to begin operations.

The entrance of Ascensia into Nigeria’s finance space is timely, given the government’s push for greater access to credit and financial inclusion. Finance companies under CBN’s oversight typically provide lending solutions to underserved markets, including consumer and commercial loans, asset financing, and tailored financial services for SMEs and individuals.

In a statement confirming the development, Mr. Jude Chuka Ezeamii, Managing Director of Ascensia, said the company aims to deliver sustainable and accessible financing to small businesses, public sector professionals, and informal sector entrepreneurs. He stated that the firm would leverage technology to scale operations starting from Abuja’s area councils, with plans to expand into major cities within two years.

Mr. Ezeamii, a seasoned banker with a background in retail and commercial finance, emphasised that Ascensia’s services will support the nation’s economic revitalisation goals by offering affordable credit and financial literacy to underserved populations.

Mr. Nelson Omanibe, Chairman of Ascensia, echoed this vision, aligning the company’s mission with President Bola Tinubu’s economic agenda. He cited ongoing government initiatives such as nano-business grants and targeted SME interventions as complementary to Ascensia’s offerings.

The approval positions Ascensia as a key player in Nigeria’s evolving financial landscape, which is increasingly focused on bridging credit gaps, driving financial inclusion, and supporting enterprise-led growth.