The regulatory nod was formalized in a letter issued by Dr. Abubakar Shebe, acting on behalf of the Director of the Financial Policy and Regulation Department of the apex bank. This authorization aligns with the stipulations outlined in the Central Bank of Nigeria Act of 2007 and the Banks and Other Financial Institutions Act (BOFIA) 2020, alongside other pertinent regulatory guidelines issued by the CBN.
Ascensia Finance has been directed to notify the Central Bank of its intended commencement date, a procedural step that will allow the regulator to update its official records. The substantive operational license, according to the CBN, will be formally issued in due course.
A key focus for Ascensia Finance Company is anticipated to be the provision of financial support to Small and Medium-sized Enterprises (SMEs). This sector is widely recognized as a crucial engine for Nigeria's economic development, often facing significant hurdles in accessing necessary capital.
The promoters of Ascensia Finance bring a substantial and diverse background in financial services to the new venture. Their strategic intent is to leverage this experience to effectively bridge the existing financing gaps that disproportionately affect small businesses, individual professionals, and wage earners across the nation.
In a statement released following the CBN's approval, Mr. Jude Chuka Ezeamii, the Managing Director of Ascensia, hailed the decision as a timely and significant development for small businesses and self-employed individuals nationwide. "Ascensia will bring succour to SMEs, local corporates, self-employed professionals, and salaried employees in both the private and public sectors by creating workable access to sustainable financing they require to meet their business needs," Mr. Ezeamii affirmed.
He further elaborated on the company's strategic vision, stating that Ascensia aims to redefine the landscape of SME financing by strategically deploying technology to extend its financial services reach across area councils within the Federal Capital Territory and subsequently into major urban centers across Nigeria within its initial two years of operation.
Echoing this sentiment, Mr. Nelson Omanibe, the Chairman of Ascensia Finance Company, emphasized the firm's commitment to aligning its product offerings with the current administration's initiatives aimed at bolstering small businesses. He stated that the company's upcoming financial products will serve as a valuable complement to national efforts focused on expanding financial inclusion and empowering the entrepreneurial spirit within the country.
The administration of President Bola Tinubu has, since its inception, prioritized the stimulation of economic activity, particularly within the small business sector. Key initiatives launched include nano-business grants benefiting over 600,000 individuals, with plans to reach an additional 400,000, as well as micro and small business loans designed to support 75,000 enterprises with single-digit interest loans of up to N1 million each.
The entry of Ascensia Finance Company into the financial sector is expected to significantly deepen the credit market for SMEs, a segment that often grapples with limited access to formal financial channels. By strategically integrating regulatory compliance with innovative technological solutions, Ascensia is positioning itself to become a vital player in Nigeria's evolving and increasingly dynamic financial services ecosystem.