The Central Bank of Nigeria (CBN) has approved the application of Ascensia Finance Company Limited to operate as a finance company.
The approval, conveyed in a letter signed by Dr. Abubakar Shebe, on behalf of the Director, Financial Policy and Regulation Department, is in line with the provisions of the Central Bank Act 2007 (CBN Act) and the Bank and Other Financial Institutions Act 2020, (BOFIA) and rules and regulations issued by the Apex bank.
The company was requested to inform the apex bank of the date of commencement of operations to enable the CBN updates its records accordingly, noting the license will be issued in due course.
Speaking on the approval, the Managing Director of the company, Jude Chuka Ezeamii, a seasoned banker, said Ascensia will bring succour to SMEs, local corporates and self-employed professionals and salaried employees in both the private and public sector through creating workable access to sustainable financing they require to meet their business needs.
Ezeami, who has extensive retail and commercial banking experience, assured that the company will redefine SME financing in Nigeria by leveraging technology to deploy financial services across the area councils in Abuja, and, in major cities in Nigeria, hopefully, in the first two years of its operations.
The Chairman of the company, Nelson Omanibe, who is also excited about the CBN licence said that on commencement of business, the Finance Company will roll out products and services which will support the various initiatives of the current administration to boost the operations of SMEs.
On assumption of office, President Bola Tinubu’s administration announced significant measures to bolster Nigeria’s economy, with a focus on supporting small businesses.
These include nano-business grants for over 600,000 nano-businesses, with an additional 400,000 set to benefit soon, and micro and small business loans, targeting 75,000 beneficiaries with N1 million each in single-digit interest loans.
The finance company is expected to leverage the expertise of its promoters to boost small businesses described as the engine room of the country’s economy.
