Apices Finance Secures CBN Licence to Provide Business and Consumer Loans Nationwide

The Central Bank of Nigeria (CBN) has granted approval for Apices Finance Company Limited to operate as a licensed finance company, strengthening Nigeria’s push to expand access to credit and deepen financial inclusion.

Regulatory Approval and Compliance

According to the CBN, the licence was issued after Apices Finance met all requirements under the Bank and Other Financial Institutions Act (BOFIA) 2020 and the CBN Act of 2007.
The apex bank emphasized that the licence remains subject to strict compliance with all regulatory provisions and warned that any breach or misrepresentation could lead to revocation.

The approval also mandates thorough vetting of board members and management appointees. Any adverse findings after the licensing process could invalidate the authorisation, highlighting the CBN’s commitment to financial stability and sound corporate governance.

Boost for Credit Access and Financial Inclusion

The entry of Apices Finance comes at a time when Nigeria is seeking to diversify access to credit through non-bank financial institutions. Licensed finance companies are expected to provide consumer loans, business financing, and leasing services, helping small and medium-sized enterprises (SMEs) and individuals gain easier access to funding.

This move aligns with Nigeria’s broader economic diversification strategy and supports the federal government’s agenda to grow small businesses, stimulate job creation, and drive economic development.

Investor Confidence in Nigeria’s Fintech Market

Industry analysts view the CBN’s approval as a positive signal for investors, reflecting confidence in Nigeria’s expanding fintech and credit market. With traditional banks under pressure to reach underserved customers, licensed finance companies such as Apices Finance are positioned to fill critical funding gaps, especially for startups and SMEs.

Apices Finance Vision and Management

Reacting to the approval, Daniel Odoviano Oniko, Managing Director of Apices Finance Company Limited, expressed optimism about the company’s role in Nigeria’s economic transformation.

He stated that Apices Finance is focused on empowering retail customers, small businesses, and commercial enterprises, describing these sectors as the backbone of the economy. Oniko also noted that the company’s mission aligns with national economic goals, particularly President Bola Tinubu’s initiatives to stimulate small business growth.

With over two decades of experience in consumer, retail, SME, investment, and corporate banking, Oniko brings extensive expertise in enterprise risk management and financial innovation. He reiterated his commitment to promoting financial empowerment and helping young entrepreneurs move “from poverty to prosperity.”

Economic Impact

The approval of Apices Finance is expected to intensify competition in the non-bank financial sector, broaden credit options, and enhance financial inclusion across Nigeria.
By offering flexible financing solutions and supporting startups, the company aims to strengthen Nigeria’s credit infrastructure and help businesses unlock growth opportunities.