CreditPro, a digital finance company, has received a license from the Central Bank of Nigeria to expand lending services for small and medium-sized enterprises.
Overview of CreditPro Milestone
Founded in 2019 in Lagos, CreditPro achieved a significant milestone by obtaining a license from the CBN. This event opens up opportunities to increase capital and access credit for entrepreneurs, impacting not just Nigeria but potentially sub-Saharan Africa.
Board Chairman Edwin Idegwu noted in an interview that CreditPro's governance-first model enabled this regulatory upgrade, and the company will continue to innovate in the SME financing sector.
Expansion and Funding Plans
Following the licensing approval, CreditPro plans to raise N2 billion to support its expansion, expected to be completed by the end of 2025. The company is working with partners and investors, including Mainstreet Capital, to raise these funds.
The majority of the raised amount will be allocated to working capital, with N1.7 billion set aside for scaling operations, and N200 million aimed at upgrading its technology infrastructure. The remaining N100 million will cover market expansion needs, such as new branches.
Market Impact and Challenges
The regulatory expansion presents both opportunities and challenges for CreditPro. In a competitive landscape against established companies in Nigeria's rapidly evolving financial market, the firm anticipates building brand trust to attract new partners and investors.
The licensing by the CBN marks a significant step in CreditPro's evolution and financing, opening new avenues for market growth.
