CreditPro Secures CBN License, Planning N1.4 Billion Capital Raise to Expand SME Lending in Nigeria
CreditPro, a digital finance company, has achieved a significant milestone by obtaining a full license from the Central Bank of Nigeria (CBN). This approval allows CreditPro to broaden its lending operations, specifically targeting small and medium-sized enterprises (SMEs) across Nigeria. The company plans to raise N1.4 billion in capital to support its expansion plans and increase credit accessibility for Nigerian business owners.
Expansion and Impact on Nigerian SMEs
The CBN license represents a major step forward for CreditPro. Having operated for six years under a digital lender license, this new authorization will allow the company to significantly increase its lending activities. Founded in 2019 and initially operating under the Lagos State digital lender license, CreditPro is poised to extend its reach beyond Lagos and make a substantial impact on the Nigerian SME landscape. The ability to raise a larger capital base will be instrumental in achieving this objective. Chairman of the Board of Directors, Edwin Idegwu, highlighted that CreditPro’s governance-focused model played a key role in securing the CBN’s approval. He emphasized the company’s commitment to innovation and its ambition to positively influence SME financing in Nigeria, with potential for further expansion into Sub-Saharan Africa.
In conclusion, CreditPro’s successful attainment of a CBN license marks a pivotal moment in its journey. With the upcoming capital raise, the company is well-positioned to expand its lending services, provide vital financial support to SMEs, and contribute to the growth of the Nigerian economy. The company’s focus on good governance has proven key to achieving the next step in its journey.
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