The Central Bank of Nigeria (CBN) has approved Apices Finance Company Limited to operate as a licensed finance company, adding to the growing number of licensed financial institutions to support the economy through access to credit
The approval, signed by Dr Rita Sike, the Director of Financial Policy and Regulation at the CBN, confirms that Apices has met the regulatory requirements to commence operations under the Bank and Other Financial Institutions Act (BOFIA) 2020 and the CBN Act of 2007.
The approval comes at a time when Nigeria is pushing to deepen financial inclusion and diversify access to credit through non-bank financial institutions. Finance companies like Apices are expected to provide financial succour, lending to Retail, SMEs and the corporate & commercial businesses, leasing, and other non-deposit-taking financial services.
The CBN also emphasised due diligence regarding approved board members and management appointees to ahead to lay down rules and regulations..
Apices Finance Company Limited is expected to notify the apex bank of its official commencement date so it can update its records accordingly.
Analysts say that the entry of new finance companies such as Apices signals growing investors interest in Nigeria’s expanding fintech and credit market, particularly as traditional banks face rising pressure to broaden access to financial services across underserved demographics.
The Managing Director of Apices Finance Limited, Daniel Odoviano Oniko, expressed excitement about the CBN’s approval, assuring that the company will effectively play its role in empowering businesses.
“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.
President Bola Tinubu has, since his inauguration, declared his intention to stimulate economic activities, particularly among small business operators. According to Daniel Oniko, Apices Finance is well-suited to deepen the credit market for retail, SMEs, and commercial businesses, as the company is ready to be a key player in Nigeria’s evolving financial landscape.
Oniko’s passion for empowering others is rooted in over two decades of expertise in consumer, retail, SMEs, investment banking, Enterprise Risk Management, corporate, and commercial banking. 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.
“SMEs and startups are not just businesses—they are the lifeblood of our economy,” he often says. “They create jobs, drive innovation, and build communities. When we invest in them, we invest in our future.”
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