CBN grants operational licence to Ascensia finance company

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

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.

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. 

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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.