The Central Bank of Nigeria (CBN) has granted a finance company license to Preferred Finance Company Limited, empowering the newly licensed firm to deliver structured financial solutions targeted particularly at micro, small, and medium-sized enterprises (MSMEs) across the country.
The announcement was made during the company’s grand opening ceremony held on Tuesday, March 29, 2025, in Abuja, where executives and board members unveiled their strategic vision to deepen financial inclusion and economic participation among underserved business segments.
According to Olasehinde Sunday, Managing Director and CEO of Preferred Finance, the final licence was received on December 16, 2024, a day he noted coincided with his birthday. He emphasized that the company was birthed out of Guarantee Multipurpose Cooperative Society Limited, whose members now own 70% of Preferred Finance Company.
“This is not just the launch of another finance company; it is the continuation of our journey rooted in clear vision, dedication, and determination,” Sunday said.
With this licence, the company is now positioned to provide a range of services including fund management, financial advisory, structured finance, and various loan products such as personal, education, LPO, payday, contract, and MSME loans.
Speaking at the event, Board Chairman Kolawole Okunato traced the company’s roots to the establishment of the cooperative society in 2012, describing the CBN licence as the result of “resilience, compliance, and strong corporate governance.”
“This new chapter allows us to reach more businesses, more households, and more dreams,” he remarked.
The approval further expands the pool of licensed finance companies in Nigeria, an essential step in promoting financial inclusion, supporting MSMEs, and enhancing access to digital financial services for broader economic growth.
