CreditPro Finance Company Limited has received approval from the Central Bank of Nigeria (CBN) to operate as a licensed finance company, a development expected to boost lending to small and medium-sized enterprises (SMEs) across the country.
The licence, which was announced during the company’s unveiling ceremony in Lagos over the weekend, marks a significant milestone for the six-year-old lender. CreditPro, which started operations in 2019 under a Lagos State money lender licence, has now transitioned into a fully regulated finance company under the CBN framework.
Since its inception, the company has disbursed more than ₦20bn in loans to over 2,500 SMEs. With the new approval, CreditPro says it will focus on strengthening its capital base, deepening access to credit for entrepreneurs, and expanding operations beyond Lagos into other parts of sub-Saharan Africa.
A statement issued by the company noted, “Founded in 2019 with a modest equity base, CreditPro began operations under a Lagos State money lender licence. Despite its humble beginning, the company quickly distinguished itself with a governance-first approach. To date, it has disbursed more than ₦20bn in loans to more than 2,500 SMEs, reflecting its commitment to bridging the financing gap in the Nigerian economy.”
Chairman of the Board of Directors, Edwin Idegwu, explained that CreditPro’s governance-first approach was critical in securing the CBN licence. According to him, the licence will strengthen the company’s ability to support small businesses and position it as a credible player in the financial services sector.
“Our focus has always been stability, innovation, and impact. This approval from the Central Bank is a validation of our governance culture and commitment to doing things the right way. Going forward, we will continue to prioritise lending to SMEs and entrepreneurs, who are the real drivers of economic growth and job creation in Nigeria,” Idegwu said.
Another board member, Samson Akinyosoye, described the CBN licence as more than a regulatory milestone, noting that it also serves as a seal of credibility. He stressed that CreditPro was now positioned to play a bigger role in Nigeria’s economic transformation.
“Today, we mark a pivotal transformation, which is the evolution of CreditPro from its roots as CreditPro Business Support Services Limited, a dedicated micro lender established in 2019, into a much bigger and more dynamic CreditPro Finance Company Limited. This is not just about regulatory compliance. It is about expanding financial access, empowering entrepreneurs, and fuelling Nigeria’s economic transformation. CreditPro is ready to lead that charge,” Akinyosoye said.
Industry experts note that the development is timely, given the financing challenges that continue to affect Nigerian businesses. Many SMEs, which make up over 90 per cent of businesses in the country, face limited access to credit due to stringent lending conditions, high interest rates, and lack of collateral. By securing a CBN licence, CreditPro is now better positioned to deploy structured lending solutions that can support business growth and stimulate wider economic activity.
The CBN’s licensing regime is also expected to enhance confidence among investors, customers, and partners, while ensuring that CreditPro operates under stronger risk management and regulatory oversight.
CreditPro’s management added that the company would leverage its experience and new capacity to expand into new sectors and regions. Plans include rolling out tailored financing products for micro, small, and medium enterprises in agriculture, trade, and technology.
Observers say the company’s growth trajectory demonstrates how private lenders can transition into stronger financial institutions capable of playing a key role in bridging Nigeria’s funding gap. With its new licence, CreditPro joins a growing list of non-bank financial institutions working to support the Federal Government’s ambition of creating more jobs, deepening financial inclusion, and boosting productivity across the economy.
