The Central Bank of Nigeria (CBN) has granted an operating licence to Apices Finance Company Limited to function as a finance company under the Bank and Other Financial Institutions Act (BOFIA) 2020, marking a significant step toward strengthening the non-bank financial services sector.
The approval, which was conveyed in an official letter signed by Rita Sike, Director of Financial Policy and Regulation at the CBN, confirms that Apices Finance met the regulatory requirements to commence operations. The apex bank said the licensing is aimed at deepening financial inclusion and expanding access to credit, especially through non-bank financial institutions that can reach underserved segments of the economy.
“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 CBN stated, warning that any breach of these regulations could lead to the revocation of the licence. The regulator also directed the company to formally notify it of its operational commencement date to enable an update of its official records.
Commenting on the approval, the Managing Director of Apices Finance Company Limited, Daniel Odoviano Oniko, described the development as a major milestone in the institution’s journey. He said the company’s entry into the financial services sector reflects its commitment to championing financial excellence and empowering Africa’s next generation of business leaders.
“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,” Oniko said. “Our vision is to champion financial excellence and empower Africa’s next generation of business leaders.”
He noted that Apices Finance plans to play an active role in providing credit to small businesses and startups, which he described as the lifeblood of Nigeria’s economy. “They create jobs, drive innovation, and build communities. When we invest in them, we invest in our future,” he added.
Oniko affirmed that the company is ready to be a key player in Nigeria’s evolving financial landscape, pledging to operate in line with CBN’s regulatory framework and contribute to sustainable economic growth through innovative financial solutions.
