The Central Bank of Nigeria (CBN) has granted final approval to Ascensia Finance Company Limited, officially authorizing it to operate as a finance firm in the country. This move supports Nigeria’s ongoing effort to expand credit access and improve financial inclusion, especially for small businesses and underserved communities.
The approval was communicated in an official letter dated April 10, 2025. The letter, signed by Dr. Abubakar Shebe on behalf of the Director of Financial Policy and Regulation, confirmed that Ascensia’s application and documents had been thoroughly reviewed before the licence was granted.
CBN Outlines Compliance Requirements
The Central Bank stated that Ascensia must strictly follow Nigeria’s financial laws, including the CBN Act and the Banks and Other Financial Institutions Act (BOFIA) 2020. Any violation could result in licence revocation.“Failure to abide by these laws and regulations may be grounds for revocation of your licence,” the CBN warned in the letter.
The CBN also stressed the need for strong governance. It warned that negative reports about Ascensia’s leadership could lead to their removal or even cancellation of the licence.
Though the official licence certificate has not been issued yet, the CBN assured it would be delivered soon. Meanwhile, Ascensia must inform the CBN of its launch date to update regulatory records.
New Player in a Growing Financial Landscape
Ascensia Finance now joins a growing list of approved finance companies in Nigeria. These firms offer services like consumer and commercial lending, asset financing, and specialized credit products.
The entry of Ascensia comes at a time when access to credit is a growing concern for many Nigerians. According to the World Bank, over 40% of Nigerian adults lack access to formal financial services. Ascensia aims to change that.
Leadership Optimistic About Ascensia’s Role
Speaking about the approval, Jude Chuka Ezeamii, Ascensia’s Managing Director, said the firm will focus on providing credit solutions for small and medium-sized businesses (SMEs) and professionals in both the public and private sectors.“Our mission is to support local businesses and empower professionals with flexible financing options,” Ezeamii said in a statement on Tuesday.
He added that Ascensia plans to use technology to scale its services, starting from Abuja and later expanding to major Nigerian cities over the next two years.
Nelson Omanibe, Chairman of Ascensia, also shared his thoughts on the company’s goals. He highlighted how Ascensia’s services align with the economic recovery plans of President Bola Tinubu’s government.“We are building financial products that support the government’s push to uplift small businesses,” Omanibe said. He also mentioned nano-business grants and targeted credit schemes as examples of how Ascensia’s offerings will complement national efforts.
Why This Matters: Credit Access and Financial Inclusion
Nigeria’s financial system has long faced challenges in serving the unbanked and underbanked. Finance companies like Ascensia are expected to play a key role in closing this gap.
In recent years, the CBN has increased efforts to regulate and expand access to financial services. With stricter rules, it aims to protect consumers while promoting innovation in the financial sector.
Experts say the approval of new finance firms could improve lending conditions, offer more flexible loan terms, and give small businesses the tools they need to grow.
According to a 2024 report by the Nigeria Deposit Insurance Corporation (NDIC), non-bank finance companies are becoming a key pillar in Nigeria’s financial sector, with demand for alternative lending options on the rise.
What’s Next for Ascensia?
With the licence in place, Ascensia is expected to begin operations soon. Its entry is likely to shake up the finance space, especially in regions with limited banking options.
The company has not yet announced its exact launch date, but regulatory watchers expect it to begin operations in the second quarter of 2025.
Ascensia’s strategy will focus on using digital tools, low-cost credit products, and community outreach to attract customers. If successful, it could serve as a model for future finance companies in Nigeria.
The approval of Ascensia Finance Company marks another step forward for Nigeria’s credit market. With strong leadership, support from the CBN, and a clear focus on helping small businesses, Ascensia is well-positioned to make a difference.
