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Apices Finance Company Limited has been given permission by the Central Bank of Nigeria (CBN) to function as a finance company in accordance with the Bank and Other Financial Institutions Act (BOFIA) 2020.
Rita Sike, director of financial policy and regulation at the CBN, signed a letter on Thursday expressing the consent.
Apices aims to diversify loan availability through non-bank financial entities and increase financial inclusion. CBN confirmed that Apices complied with regulatory conditions to start operations.
According to the apex bank, “this license 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.”
Additionally, CBN issued a warning that noncompliance would result in revocation.
In order to allow for an updating of its records, the regulator further stated that the company must inform it of the formal commencement date.
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Daniel Odoviano Oniko, the managing director of Apices Finance Company, commented on the development and called the approval a significant turning point for the organization.
When Apices Finance firm Limited received approval from the Central Bank of Nigeria to function as a finance firm in Nigeria, he said, “My joy knows no bounds.”
“We want to empower the next generation of business leaders in Africa and promote financial excellence.”
Oniko declared that Apices would actively participate in lending money to startups and small enterprises, which he referred to as “the lifeblood of our economy.”
They foster creativity, generate jobs, and strengthen communities. “We are investing in our future when we invest in them,” he continued.
Additionally, Oniko stated that Apices Finance is prepared to play a significant role in Nigeria’s changing financial scene.
