The Central Bank of Nigeria (CBN) has officially licensed Apices Finance Company Limited to operate as a regulated finance company, marking a new milestone in the country’s financial sector.
The approval, communicated through a letter signed by Dr. Rita Sike, Director of Financial Policy and Regulation at the CBN, confirms that Apices met all regulatory requirements under the Bank and Other Financial Institutions Act (BOFIA) 2020 and the CBN Act 2007.
The apex bank stressed that strict adherence to these rules is mandatory, warning that non-compliance could lead to licence revocation.
Licensed finance companies like Apices are expected to play a vital role in expanding credit access, offering loans to consumers and businesses, leasing services, and other non-deposit financial solutions.
The move is part of Nigeria’s broader agenda to deepen financial inclusion and support underserved individuals and small enterprises.
Speaking on the approval, Daniel Odoviano Oniko, Managing Director of Apices Finance, expressed excitement about the opportunity.
“Our vision is to champion financial excellence and empower Africa’s next generation of business leaders,” he said. Oniko emphasized the company’s commitment to retail customers, SMEs, and commercial businesses, highlighting their importance in driving jobs, innovation, and community growth.
With over two decades of experience in banking, risk management, and corporate finance, Oniko aims to leverage his expertise to strengthen Nigeria’s credit market while supporting President Bola Tinubu’s economic agenda, which prioritizes small business growth.
The entry of Apices Finance is expected to boost competition in the non-bank financial sector, improve access to credit, and support Nigeria’s economic diversification goals, signaling growing investor confidence in the country’s fintech and finance ecosystem.
