CreditPRO Finance Company Limited has earned a significant milestone by securing a license from the Central Bank of Nigeria (CBN), marking its official entry into the nation’s regulated financial sector. The company, which launched its expanded operations in Lagos over the weekend, aims to enhance its nationwide reach and bolster support for small and medium-sized enterprises (SMEs), following its initial operations under a Lagos State lending permit since 2019.
During the launch event, Chairman Dr. Edwin Idegwu highlighted the license’s role in elevating investor confidence, attributing it to stringent oversight from the CBN and partnerships with banks and institutional funders. He noted that CreditPRO voluntarily established a Board of Directors despite not being required under its initial license, a decision that strengthened governance and risk management. “This commitment has paved the way for our growth and credibility,” Idegwu stated, emphasizing the board’s focus on stability and innovation.
Managing Director Mr. Sola Adeyiga reflected on the company’s modest beginnings in a small Omole Phase 1 apartment with N3 million in equity and N17 million in borrowed funds. Over the years, CreditPRO has disbursed over N20 billion in loans to more than 2,500 SMEs, growing its loan portfolio to N1.5 billion. Adeyiga underscored the firm’s unique approach, tailoring financial solutions to entrepreneurs’ specific needs rather than offering generic credit.
The CBN license, achieved after a 15-month process, positions CreditPRO for broader expansion across Nigeria and into sub-Saharan Africa. Plans include integrating AI-driven digital lending tools, forging stronger ties with investors and regulators, and extending services beyond Lagos. “Our goal is to become Nigeria’s most reliable financial ally for SMEs,” Adeyiga said, envisioning a transformative impact on the SME landscape.
This development aligns with Nigeria’s economic progress, including a 67.12% rise in capital importation to $5.64 billion in Q1 2025, though challenges like naira volatility (N1,527/$1 today) and 21.88% inflation in July persist. CreditPRO’s next chapter promises to reshape SME financing in the region.
