CreditPRO gets CBN’s approval, commits to strengthening MSMEs

CreditPRO Finance Company Limited at a well attended event celebrated a milestone of getting Central Bank of Nigeria’s (CBN) license to operate as a financial institution across Nigeria.

Before now, the CreditPRO could only operate in Lagos because it operates with just Lagos State government lending license.

The company’s chairman, Dr. Edwin Idegwu, noted that the journey to officially establishing CreditPRO Finance Company Limited as a licensed financial institution began years ago.

He stated that from day one, the company chose the path to do things right, having a board of directors despite the license it had then did not require it to have a board.

“This proactive step reflects our commitment to not only meet but exceed regulatory standards in corporate governance while fostering integrity within our institution.”

“CreditPRO is built on three pillars — stability, innovation, and impact. We want SMEs to have a dependable financial partner, we want to deliver smarter financing through technology, and we want to remain focused on enabling jobs and economic growth,” he added.

Also, the Founder and Managing Director of CreditPRO, Mr. Sola Adeyiga, recalled the company’s humble beginnings. “We started from an underground apartment in Omole Phase 1, Lagos State with just about ₦3 million in equity and ₦17 million in borrowed capital. Today, we have disbursed over ₦20 billion in loans to more than 2,500 SMEs and grown our portfolio to ₦1.5 billion, operating with the Lagos State money lender licence.”

He explained that the company’s approach to lending was different because it focused on customizing credit solutions to the specific needs of entrepreneurs, as against the common practice of selling generic credit products that fail to address the realities of small businesses.

“This approach has endeared CreditPRO to many entrepreneurs. The CBN licence, which was the result of a rigorous 15-month process, is a springboard for our expansion across Nigeria and, eventually, sub-Saharan Africa,” Adeyiga said.

“Our vision is clear — to be Nigeria’s most trusted financial partner for SMEs,” the MD said. “The story of CreditPRO is still being written, and the next chapter will be bigger and better.”

Adeyiga said over the years, while operating with the Lagos State money lender licence, CreditPRO has received industry awards including Credit Business Integrity of the Year (2020), Africa’s Best SME Money Lender (2020), and Small Business Lender of the Year, Nigeria (2021). In 2022, BusinessDayalso named CreditPRO among the top 100 fastest-growing SMEs in Nigeria.

With the new CBN licence, the company said it was committed to building “an institution, not just a lender,” and to making lasting impact on Nigeria’s SME ecosystem.