The Central Bank of Nigeria (CBN) has granted closing approval to Ascensia Finance Firm Restricted to function as a finance firm within the nation, in keeping with an official letter dated April 10, 2025, seen by Nairametrics.
The apex {bank} conveyed the choice in a correspondence addressed to the Managing Director/CEO of Ascensia Finance Firm, confirming that the licence was granted following a evaluate of the agency’s software and related documentation.
The letter, signed by Dr. Abubakar Shebe on behalf of the Director, {Financial} Coverage and Regulation Division, acknowledged that the approval is topic to compliance with the Central Bank of Nigeria Act, the Banks and Different {Financial} Establishments Act (BOFIA) 2020, and different relevant rules.
“Failure to abide by these legal guidelines and rules could also be grounds for revocation of your licence,” the CBN warned within the letter.
The regulator additionally pressured the necessity for due diligence, noting that any adversarial report on the corporate’s board members or administration might result in the invalidation of appointments or revocation of the authorisation.
Ascensia Finance Firm is now anticipated to inform the CBN of its graduation date to allow the replace of regulatory data. The formal licence certificates, in keeping with the letter, can be issued in the end.
Finance corporations in Nigeria function in an area regulated by the CBN and usually present client and business credit score, asset financing, and different {financial} companies. The approval of recent gamers like Ascensia comes amid elevated consideration to {financial} inclusion and credit score accessibility, though regulatory scrutiny stays excessive to stop abuse and shield customers.
In an announcement despatched to Nairametrics on Tuesday confirming receipt of the approval, Managing Director of Ascensia Finance Firm, Jude Chuka Ezeamii, stated the agency goals to supply sustainable financing options tailor-made to the wants of SMEs, native corporates, and professionals in each the private and non-private sectors.
With its licence approval secured, Ascensia Finance Firm joins a rising listing of finance companies anticipated to assist deepen credit score entry for underserved sectors of the economic system.
