The Central Bank of Nigeria (CBN) has granted approval to Apices Finance Company Limited to operate as a finance company under the Bank and Other Financial Institutions Act (BOFIA) 2020.
The approval was conveyed in a letter signed by Rita Sike, director of financial policy and regulation at the CBN on Thursday.
CBN confirmed that Apices met the regulatory requirements to commence operations, with the aim to deepen financial inclusion and diversify access to credit through non-bank financial institutions.
“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 apex bank said.
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CBN also warned that non-compliance could lead to revocation.
The regulator added that the company must notify it of the official commencement date to enable an update of its records.
Commenting on the development, Daniel Odoviano Oniko, managing director of Apices Finance Company, described the approval as a major milestone for the institution.
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“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,” he said.
“Our vision is to champion financial excellence and empower Africa’s next generation of business leaders.”
Oniko said Apices would play an active role in providing credit to small businesses and startups, which he described as “the lifeblood of our economy”.
“They create jobs, drive innovation, and build communities. When we invest in them, we invest in our future,” he added.
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Oniko also said Apices Finance is ready to be a key player in Nigeria’s evolving financial landscape.
