The Central Bank of Nigeria has officially granted a finance company licence to Preferred Finance Company Limited, with the mandate to provide structured financing solutions, particularly to micro, small, and medium-scale enterprises across the country.

The milestone was celebrated during the company’s grand opening ceremony held in Abuja on Tuesday, where the management and board outlined their vision to expand financial access, especially for underserved businesses.

Speaking at the event, the Managing Director and Chief Executive Officer, Dr Olasehinde Sunday, noted that the company’s establishment was not just the launch of another finance company but “a continuation of our journey rooted in clear vision, dedication, and determination.”

He said, “Preferred Finance Company Limited was founded by the visionary leadership of Guarantee Multipurpose Cooperative Society Limited, with our cooperators subscribing to the 70 per cent ownership of the company. On December 16, 2024 — coincidentally also my birthday — we received our final licence from the Central Bank of Nigeria to operate as a finance company.”

The licence, according to him, empowers the firm to offer a broad range of services, including Funds Management, Financial Advisory, Structured Finance, and a suite of loan products such as personal, education, contract, asset, LPO, payday, and MSME loans.

“Our journey began with a simple yet ambitious goal — to expand our innovative financial services beyond the cooperatives to a regulated financial institution that will cater for the diverse needs of members and businesses,” Olakunle said.

He further emphasised the company’s goal to support inclusive development, stating: “We look forward to serving you with integrity, offering solutions that empower, and contributing meaningfully to the economic and social development of our great nation.”

Beyond licensing, the company’s leadership emphasised its commitment to impact. Olakunle shared that Preferred Finance had already undertaken social initiatives, including providing CCTV and surveillance systems for Lomina Orphanage in Lugbe, Abuja, and paying the school fees of 25 indigent students to help them resume classes.

Olakunle said, “Your investment with us will not only support our growth as a finance company but it will also enable us to impact more lives in our communities.”

He described the company’s name, “Preferred,” as a symbol of its values: “Preferred is more than just a name — it guides everything we do. It’s a promise to always put our customers first, make a positive impact in the communities where we operate, and be the trusted global leader in providing exceptional financial services.”

“We are excited to build on our strengths, expertise, and innovative approach to explore new opportunities and make a positive impact in the lives of our customers and stakeholders,” Olakunle concluded.

Also speaking at the event, Mr Kolawole Okunato, Chairman of the Board of Directors, described the journey toward securing a CBN licence as a product of grit, vision, and collective belief.

“This journey began over a decade ago, not with the establishment of a finance company, but with the humble founding of Guarantee Multipurpose Cooperative Society Limited on November 5, 2012,” he said.

Okunato continued, “As we evolved, we knew that our mission required a broader platform — one that could amplify our impact, connect us with more businesses, more households, and more dreams.”

Highlighting the company’s successful transition from cooperative to licensed financial institution, he said, “With resilience, documentation, compliance, and corporate governance, we achieved what many only dream of by God’s grace — a Finance Company Licence from the Central Bank of Nigeria, granted on December 16, 2024.”

He expressed gratitude to the apex bank, stating, “To our regulators at the Central Bank of Nigeria, thank you for your support, oversight, and guidance. Your role in stabilising and deepening Nigeria’s financial space is invaluable.”

With over 12 years of experience via its parent cooperative and more than 10,000 members, Preferred Finance aims to build on its foundation by leveraging digital innovation, disciplined investment practices, and a customer-first mindset to transform access to finance for Nigeria’s MSME sector.