The Central Bank of Nigeria (CBN) has officially granted final approval to Ascensia Finance Company Limited, allowing it to commence operations as a finance company within the country. The approval was confirmed in a letter dated 10 April 2025 and signed by Dr. Abubakar Shebe on behalf of the Director of the Financial Policy and Regulation Department.
According to the letter, the licence comes with strict conditions, and the regulator made it clear that Ascensia—like all financial institutions—must operate within the provisions of the CBN Act of 2007, the Banks and Other Financial Institutions Act (BOFIA) of 2020, and all related regulations issued by the bank.
“Failure to abide by these laws and regulations may be grounds for revocation of your licence,” the letter warned. The apex bank emphasised that it would not hesitate to take disciplinary action should the firm default on any set guidelines.
In addition to regulatory compliance, CBN also placed scrutiny on the integrity of the company’s leadership. It noted that any negative reports about a board member or management official could void their appointment and might jeopardise the standing of the entire company.
The letter further noted that should any false claim be discovered in the documentation that led to the approval, the licence would be rendered invalid immediately.
This move by the apex bank reinforces its continued effort to tighten oversight in Nigeria’s financial sector and ensure that only transparent and accountable players are allowed to operate.
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One reply on “CBN Approves New Finance Firm Amid Caution to Operators”
[…] traditional banks are no strangers to regulatory oversight, this move puts more pressure on Nigeria’s growing fintech industry. Players in this […]