CreditPro Finance Company Limited, a Nigerian lending institution focused on small and medium-sized enterprises (SMEs), has achieved a significant milestone by securing a national operating license from the Central Bank of Nigeria (CBN). This achievement elevates CreditPro from its previous status as a state-licensed money lender operating solely within Lagos to a nationally recognized finance company, poised to expand its reach and impact across the country and potentially into sub-Saharan Africa. The transition underscores CreditPro’s commitment to broadening financial inclusion and fostering economic growth by empowering Nigerian entrepreneurs.
Founded in 2019, CreditPro began its journey with a vision to address the critical funding gap faced by MSMEs in Nigeria. Operating under a Lagos State money lender license, the company steadily built a strong track record, disbursing over N20 billion in loans to more than 2,500 SMEs within its first few years of operation. This impressive performance, coupled with a steadfast commitment to strong corporate governance, laid the foundation for securing the coveted CBN license. The license not only validates CreditPro’s business model and operational integrity but also unlocks significant opportunities for growth and expansion.
The CBN license represents a pivotal moment for CreditPro, signifying a transition from a regional player to a national force in SME financing. With this expanded scope, CreditPro can now access a wider pool of capital, diversify its product offerings, and leverage its expertise to support a greater number of entrepreneurs across Nigeria. This expansion aligns with the company’s long-term vision to play a leading role in driving economic transformation by empowering the SME sector, a critical engine of growth and job creation.
CreditPro’s unwavering focus on good governance has been instrumental in its success and played a crucial role in obtaining the CBN license. Chairman of the Board, Edwin Idegwu, emphasized the company’s “governance-first” approach, highlighting its importance in establishing credibility and trust with regulators and stakeholders. This commitment to transparency, accountability, and ethical practices has not only differentiated CreditPro in the market but also positioned it as a reliable and responsible financial partner for SMEs. The company intends to maintain this strong governance framework as it scales its operations.
A board member, Samson Akinyosoye, described the CBN license as a “seal of credibility,” underscoring the transformative impact it will have on CreditPro’s future trajectory. The license signifies more than just regulatory compliance; it represents a significant leap forward in the company’s mission to expand financial access, empower entrepreneurs, and contribute to Nigeria’s economic transformation. With the credibility and expanded operational capabilities afforded by the CBN license, CreditPro is well-positioned to play a more prominent role in shaping the financial landscape and driving economic growth in Nigeria.
The transition to a nationally licensed finance company marks a new chapter for CreditPro. It represents a culmination of years of dedicated work, a commitment to strong governance, and a clear vision for the future of SME financing in Nigeria. With the expanded reach and enhanced capabilities, CreditPro is now positioned to further its mission of empowering entrepreneurs, creating jobs, and contributing significantly to the country’s economic development. Looking ahead, the company aims to leverage its platform to expand its operations nationally and explore opportunities within the broader sub-Saharan African market, further solidifying its role as a key player in driving financial inclusion and economic growth across the region.
