Ascensia Disburses N1.2bn Credit in Inaugural Year, Target Broader Inclusion

Ascensia Finance Company Limited announced it has provided over N1.2 billion in credit to more than 300 individuals and businesses in its first year, underscoring its expanding role in boosting access to finance for small enterprises and underserved borrowers, even amid Nigeria’s tough economic climate. Demographics “Since we commenced operations, the company has disbursed more than N1.2 billion in credit facilities across retail lending, SME financing, microcredit and business support segments to over 300 customers”, stated the Managing Director, Jude Chuka Ezeamii, who shared that the company’s first year was focused on building a solid foundation for sustainable growth. The beneficiaries of the facility cut across various sectors, including trade, services, microenterprise, salary-backed lending, small production, retail commerce and contract-related businesses with strong and predictable cash flow. “We actively support women-led small businesses in settlements across Abuja, particularly those involved in food processing, petty trading and small-scale production. These businesses are being nurtured through structured microcredit, close monitoring, repayment discipline and gradual credit scaling”, stated the Managing Director and CEO, Jude Chuka Ezeamii. He disclosed that the finance company kicked off operations in Abuja on 1 July 2025 after securing a licence from the Central Bank of Nigeria (CBN) to provide practical, accessible, and responsible financial solutions for individuals, SMEs, merchants, contractors, and other businesses. “We got a license from the Central Bank of Nigeria in April 2025, and Ascensia set out from Abuja on 1 July 2025 with a clear objective: to build a finance company that responds to the real growth needs of individuals, SMEs, merchants, contractors and businesses with practical, accessible and responsible financial solutions,” he said. He attributed the company’s growth to investments in digital banking infrastructure and strategic partnerships, including the launch of the Ascensia App and Ascensia Verve Card, as well as integrations with NIBSS, Remita STP, BudPay, Paystack, eTranzact and Interswitch Bills Payment to improve customer access and transaction efficiency. The Managing Director also said it has strengthened its institutional framework through partnerships with BankOne as its core banking application provider, membership of the Finance Houses Association of Nigeria (FHAN) and collaborations with credit bureaus to enhance governance, responsible lending and risk management. Despite the milestone, he acknowledged that inflation, rising energy and transportation costs, collateral limitations and delayed payments to government contractors continue to pose challenges to lending. “Some of the key challenges we have encountered include collateral limitations, delayed payments to government contractors, inflationary pressure, and reduced disposable income arising from rising energy, transportation and general living costs. As an Abuja-based finance company, we have also observed that a significant part of local business activity is linked to government spending. However, he noted that prolonged delays in public-sector payments have affected the cash flow of many government contractors, making that segment more cautious for credit expansion. To address these challenges, he said Ascensia has reinforced its credit appraisal process by placing greater emphasis on cash-flow-based lending, structured repayment sources, improved collateral documentation and financing businesses with verifiable turnover. He said repayment performance has remained strongest where repayments are backed by salary deductions, recurring POS debits, Remita deductions and direct debit arrangements, while calling for stronger industry mechanisms to reduce loan repayment defaults. The CBN corroborated this in its Credit Conditions Survey for the fourth quarter of 2025, noting that lenders recorded higher default rates on secured, unsecured, and all categories of corporate lending during the period under review. The apex bank’s survey shows that default rates on secured loans rose further in the fourth quarter, with lenders reporting a net balance of minus 2.2 points. Beyond commercial lending, Ezeamii said Ascensia is nurturing women-owned microenterprises across Abuja through structured microcredit programmes supporting food processing, petty trading and small-scale production. Looking ahead, Ezeamii said the company which is celebrating its first anniversary under the theme, “One Year of Commitment to Customer Growth, would focus on expanding digital financial services, improving credit delivery and increasing support for SMEs and underserved businesses to deliver greater impact to businesses and the wider economy. “The first year has been about building the foundation. The next chapter is about execution, scale and impact,” he said. He added that the company would pursue wider adoption of the Ascensia App and Verve Card, deepen digital payment and collection channels, strengthen bureau-driven credit decisioning and expand responsible lending to SMEs, merchants, contractors and salary earners. “Finance is not just about lending. It is about enabling measurable growth—for salary earners who need timely financial support, SMEs managing working capital, merchants expanding trade, contractors bridging payment cycles, and communities where access to finance can unlock enterprise and opportunity,” Ezeamii said. He said the company would also seek partnerships with institutions such as SMEDAN, the Bank of Agriculture and the Bank of Industry to broaden support for micro, small and medium enterprises, while remaining committed to financial inclusion and responsible lending in line with ongoing reforms in Nigeria’s financial sector.