The Central Bank of Nigeria (CBN) has granted final approval to Ascensia Finance Company Limited to operate as a licensed finance company, according to an official communication seen by BusinessDay.
The approval, signed by Abubakar Shebe on behalf of the Director of Financial Policy and Regulation at the CBN, confirms that Ascensia has met the regulatory requirements to commence operations under the Bank and Other Financial Institutions Act (BOFIA) 2020 and the CBN Act of 2007.
“This licence is granted subject to strict adherence to the provisions of the CBN Act 2007, BOFIA 2020, and rules and regulations issued by the Bank from time to time,” the letter stated, adding that non-compliance could lead to revocation.
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The approval comes at a time when Nigeria is pushing to deepen financial inclusion and diversify access to credit through non-bank financial institutions. Finance companies like Ascensia are licensed to provide consumer and business lending, leasing, and other non-deposit-taking financial services.
The CBN also emphasized due diligence regarding board and management appointments, warning that any adverse findings or false claims made during the licensing process could invalidate the authorisation.
Ascensia is expected to notify the apex bank of its official commencement date before the issuance of its operating certificate.
Analysts say that the entry of new finance companies like Ascensia signals growing investor interest in Nigeria’s expanding fintech and credit market, particularly as traditional banks face rising pressure to broaden access to financial services across underserved demographics.
“The entry of new finance companies like Ascensia is a signal that investor confidence in Nigeria’s financial sector remains resilient, despite macroeconomic headwinds,” Wisdom Chiaka, an Abuja based investment strategist said.
“Investors are looking beyond the traditional banking model and betting on specialised firms that can innovate and scale faster in underserved markets.”
