The Central Bank of Nigeria (CBN) has granted an operating licence to Apices Finance Company Limited, authorising it to function as a finance company under Nigerian law.
This adds to the growing number of licensed financial institutions to support the economy through access to credit.
|
|
The approval, signed on Thursday by Rita Sike, director of financial policy and regulation at the CBN, confirmed that Apices met the regulatory requirements set out in the CBN Act of 2007 and the Banks and Other Financial Institutions Act (BOFIA) 2020.
“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. It also warned that non-compliance could lead to revocation.
|
|
|
|---|
The approval comes as Nigeria seeks to widen financial inclusion and expand access to credit through non-bank institutions.
Finance companies are non-deposit-taking institutions that provide credit, leasing and other forms of financial support to businesses and households.
The CBN stressed the need for due diligence on board members and management, warning that any false claims or negative findings from the licensing process could lead to the approval being withdrawn.
Apices is required to notify the CBN of its official commencement date of operations so it can update its records.
Apices joins a growing number of finance companies licensed by the CBN, a sector seen as central to widening access to credit.
The Managing Director of Apices Finance Limited, Daniel Oniko, expressed excitement about the CBN’s approval, assuring that the company will effectively play its role in empowering businesses.
READ ALSO: CBN orders banks to name MD/CEOs’ successors six months before exit
“My Joy knows no bounds when Apices Finance Company Limited was approved by the Central Bank of Nigeria (CBN) to operate as a Finance Company in Nigeria. Our vision is that Apices Finance Company Limited is out to champion financial excellence & empower Africa’s next generation of Business Leaders,” he said.
According to Mr Oniko, Apices Finance is well-suited to deepen the credit market for retail, SMEs and commercial businesses, as the company is ready to be a key player in Nigeria’s evolving financial landscape.
He has more than two decades of experience in consumer, retail, SME, investment, risk management, corporate and commercial banking. He stressed that small businesses and young entrepreneurs are central to job creation and long-term economic growth.
“SMEs and startups are not just businesses,they are the lifeblood of our economy.They create jobs, drive innovation, and build communities. When we invest in them, we invest in our future,” he said.
