The Central Bank of Nigeria (CBN) has approved an operating licence for Apices Finance Company Limited to boost lending to small and medium-sized enterprises (SMEs) and deepen financial inclusion in the country.
The approval was conveyed in a letter signed by the Director of Financial Policy and Regulation, Rita Sike, on Thursday, September 18.
It stated that Apices Finance Company has met the regulatory requirements to commence operations, urging the firm to adhere to the provisions of the Bank 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,” CBN said.
The apex bank warned that non-compliance could lead to the revocation of the firm’s operating licence.
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It urged the firm to notify the regulator of its official commencement date to enable an update of its records.
Pinnacle Daily can report that access to credit has been one of the banes for most businesses in Nigeria, especially the SMEs, which go through difficulties to access loans.
Commenting, the Managing Director of Apices Finance Company, Daniel Odoviano Oniko, described the approval as a major milestone for the firm.
“My joy knows no bounds when Apices Finance Company Limited was approved by the Central Bank of Nigeria to operate as a finance company in Nigeria.
“Our vision is to champion financial excellence and empower Africa’s next generation of business leaders,” Oniko stated.
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He hinted that the firm will provide credit to small businesses and startups, create jobs, drive innovation, and build communities.
“When we invest in them, we invest in our future,” Oniko said, adding that the firm is positioned to play a key part in Nigeria’s evolving financial landscape.
Alex is a business journalist cum data enthusiast with the Pinnacle Daily. He can be reached via ealex@thepinnacleng.com, @ehime_alex on X
