The Central Bank of Nigeria (CBN) has granted an official operating license to Ascensia Finance Company Limited, marking a significant step towards enhancing financial inclusion and supporting small and medium-sized enterprises (SMEs) across Nigeria.
The approval, confirmed through a letter signed by Dr. Abubakar Shebe, representing the Director of the Financial Policy and Regulation Department of the CBN, aligns with the regulations set forth by the Central Bank of Nigeria Act 2007 and the Banks and Other Financial Institutions Act (BOFIA) 2020.
Ascensia Finance Company is now set to play a pivotal role in bridging financing gaps for SMEs, self-employed individuals, and wage earners, contributing to the country’s economic growth by improving access to credit.
A Step Toward Empowering SMEs
Ascensia Finance’s approval is seen as a timely boost for the many small businesses and professionals facing challenges in accessing formal financing. In a statement following the CBN’s approval, Mr. Jude Chuka Ezeamii, Managing Director of Ascensia Finance, expressed the company’s commitment to helping SMEs and self-employed individuals overcome financial barriers.
“Ascensia will provide much-needed financial support to SMEs, local businesses, professionals, and salaried workers across both the public and private sectors, offering sustainable financing solutions to meet their business needs,” Ezeamii said.
Technology-Driven SME Financing
The company plans to leverage technology to extend financial services across area councils in the Federal Capital Territory (FCT) and expand into key Nigerian cities within the first two years of its operations. This technological approach will allow Ascensia Finance to offer efficient and accessible financing solutions to a broader range of small business owners.
Aligning with National Efforts to Boost Financial Inclusion
Ascensia’s launch will complement various initiatives set forth by President Bola Tinubu’s administration, which has prioritized economic empowerment for small business operators. These initiatives include nano-business grants for over 600,000 beneficiaries, with plans to extend support to an additional 400,000 individuals. The government has also introduced micro and small business loans, providing up to N1 million each at single-digit interest rates for 75,000 businesses.
Mr. Nelson Omanibe, Chairman of Ascensia Finance, emphasized that the company’s product offerings will align with these national efforts. He noted that Ascensia’s services are designed to complement the government’s ongoing initiatives aimed at expanding financial inclusion and empowering entrepreneurs across the country.
A New Player in Nigeria’s Financial Landscape
As Ascensia Finance Company gears up to launch, it is poised to deepen the credit market for SMEs—often a sector that struggles with limited access to traditional financing. By combining regulatory compliance with technological innovation, Ascensia aims to establish itself as a key player in Nigeria’s evolving financial services sector, helping to fuel the growth of small businesses and contribute to the country’s economic development.
