CBN Approves License For Apices Finance, Opening New Chapter In Nigerian Banking

The Central Bank of Nigeria (CBN) has granted approval for Apices Finance Company Limited to operate as a licensed finance company, a move aimed at expanding the range of financial institutions providing credit access across the country.

The authorization, conveyed in a letter signed by Dr. Rita Sike, Director of the Financial Policy and Regulation Department at the CBN, confirmed that Apices Finance has met all regulatory requirements outlined under the Banks and Other Financial Institutions Act (BOFIA) 2020 and the CBN Act 2007.

The apex bank emphasized that the license is subject to strict compliance with the provisions of the CBN Act, BOFIA, and all applicable regulations. Non-compliance, the CBN warned, could result in revocation of the license. The regulator also stressed the importance of thorough due diligence for board members and management appointees, noting that any misrepresentation discovered after the licensing process could invalidate the approval.

Apices Finance is expected to notify the CBN of its official commencement date to enable the bank to update its records accordingly. The approval comes as Nigeria continues efforts to deepen financial inclusion and diversify credit access through non-bank financial institutions. Licensed finance companies like Apices are poised to play a key role in providing loans to consumers and businesses, offering leasing services, and delivering other non-deposit financial solutions.

The entry of Apices Finance reflects growing investor confidence in Nigeria’s fintech and credit markets, particularly as traditional banks face increased pressure to serve underserved individuals and small enterprises.

Reacting to the approval, Apices Finance Managing Director Daniel Odoviano Oniko expressed optimism about the company’s potential contribution to Nigeria’s economic growth. “My joy knows no bounds that Apices Finance Company Limited has been approved by the Central Bank of Nigeria to operate as a finance company. Our vision is to champion financial excellence and empower Africa’s next generation of business leaders,” he said.

Oniko added that Apices Finance would prioritize supporting retail customers, SMEs, and commercial businesses, describing these sectors as critical to Nigeria’s future. He noted that the company is well-positioned to complement President Bola Tinubu’s economic agenda, which focuses on stimulating activity among small businesses.

“SMEs and startups are not just businesses—they are the lifeblood of our economy. They create jobs, drive innovation, and build communities. When we invest in them, we invest in our future,” Oniko remarked.

With over two decades of experience in consumer, retail, SME, investment, enterprise risk management, corporate, and commercial banking, Oniko brings extensive expertise to the new venture. He has long advocated for using financial empowerment to elevate Nigeria and Africa from poverty to prosperity, particularly by supporting small businesses and young entrepreneurs.

The launch of Apices Finance is expected to intensify competition in the non-bank financial sector, expand credit access, and advance the federal government’s broader goals of financial inclusion and economic diversification.