In accordance with the Bank and Other Financial Institutions Act (BOFIA) 2020, Apices Finance Company Limited has been authorized by the Central Bank of Nigeria (CBN) to function as a finance company.
On Thursday, the CBN’s director of financial policy and regulation, Rita Sike, signed a letter expressing the consent.
In an effort to increase financial inclusion and diversify credit availability through non-bank financial institutions, CBN verified that Apices complied with all legal requirements to start operations.
The top bank stated that “strict adherence to the provisions of the CBN Act 2007, BOFIA 2020, and rules and regulations issued by the bank from time to time” is a requirement for this license.
CBN further cautioned that revocation might result from noncompliance.
The regulator further stated that in order to allow for an update of its records, the company must inform it of the formal commencement date.
The managing director of Apices Finance Company, Daniel Odoviano Oniko, commented on the development and called the approval a significant turning point for the organization.
“When Apices Finance Company Limited received approval from the Central Bank of Nigeria to function as a finance company in Nigeria, my happiness knew no limits,” he remarked.
“We want to support financial excellence and enable the upcoming generation of business leaders in Africa.”
Small enterprises and startups are “the lifeblood of our economy,” and Oniko stated that Apices would actively participate in lending to them.
They foster innovation, establish communities, and generate jobs. “Investing in them is an investment in our future,” he continued.
Apices Finance is prepared to play a significant role in Nigeria’s changing financial scene, according to Oniko.
