The Central Bank of Nigeria (CBN) has granted Apices Finance Company Limited an operating license to operate as a licensed finance company.
The approval adds to the growing number of licensed financial institutions to support the economy through access to credit.
The apex bank’s nod was conveyed via a letter signed by CBN Director, Financial Policy and Regulation, Dr.Rita Sike.
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The correspondence confirmed that Apices had met the regulatory requirements to commence operations under the Bank and Other Financial Institutions Act (BOFIA) 2020 and the CBN Act of 2007.
The central bank stated that “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.”
It further stressed that non-compliance to the letters of the license could lead to revocation.
The approval comes at a time when the country is pushing to deepen financial inclusion and diversify access to credit through non-bank financial institutions.
Reacting to the approval, Managing Director, Apices Finance Limited, Daniel Odoviano Oniko, hailed the CBN’s approval, assuring that the company will effectively play its role in empowering businesses.
He said, “My Joy knows no bounds when Apices Finance Company Limited was approved by the Central Bank of Nigeria (CBN) to operate as a Finance Company in Nigeria.
“Our vision is that Apices Finance Company Limited is out to champion financial excellence & empower Africa’s next generation of Business Leaders.”
He said the company was well-suited to deepen the credit market for retail, SMEs and commercial businesses, and ready to be a key player in Nigeria’s evolving financial landscape.
Oniko’s passion to empower others is rooted in over two decades of expertise in consumer, retail, SMEs, Investment, Enterprise Risk Management, corporate, and commercial banking.
He remains a tireless advocate for lifting Nigeria—and Africa—from poverty to prosperity, he believes that small businesses and young entrepreneurs hold the key to sustainable economic growth.
According to him, “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.”
However, finance companies are expected to provide financial succour, lending to consumers and businesses, leasing, and other non-deposit-taking financial services.
The CBN also emphasised due diligence regarding approved board members and management appointees, warning that any adverse findings or false claims made during the licensing process could invalidate the authorisation.
Apices is expected to notify the apex bank of its official commencement date so it can update its records accordingly.
The entry of new finance companies such as signals growing investors interest in the country’s expanding fintech and credit market, particularly as traditional banks face rising pressure to broaden access to financial services across underserved demographics.
