CreditPro secures approval as CBN licensed lender, set to raise N1.4bn for expansion

CreditPro, a digital finance company, has secured the Central Bank of Nigeria’s (CBN) license to expand lending services to small and medium-sized enterprises nationwide. This follows its six years of operating under a digital lender licence and marks a milestone in the company’s operation as a lending portfolio. 

For a company that started in 2019 under the Lagos State digital lender license, the latest feat presents an opportunity to expand its capital base and increase access to credit for business owners. It’s also an opportunity to make a lasting impact beyond Lagos and Nigeria, extending into sub-Saharan Africa.

Reacting to the licence approval, Chairman of the Board of Directors, Edwin Idegwu, per PunchNews reports, noted that CreditPro Finance Company Limited’s style of governance-first model powered its regulatory upgrade by the CBN. He assured that CreditPro will continue to deepen its innovative ideas and impact the Nigerian SME financing space.

In addition, he explained that the license is a testament to the company’s credibility and its impact in the last six years. According to the chairman, CreditPro has been placed in a position to drive Nigeria’s economic revolution and contribute towards national development.

“This is not just about regulatory compliance. It is about expanding financial access, empowering entrepreneurs, and fuelling Nigeria’s economic transformation. CreditPro is ready to lead that charge,” he said.

Since its inception in 2019, CreditPro has disbursed over N20 billion in loans to more than 2,500 SMEs. 

In April 2023, the federal government of Nigeria, through the Federal Competition and Consumer Protection Commission (FCCPC), approved CreditPro (with the app loan247) and 172 other digital lending platforms to operate in the country. 

Of the 173 apps, 119 have full approvals, and 54 have conditional approvals. As of July 2025, FCCPC revealed that 399 digital lenders have been approved. While total approvals (including conditional) have now reached around 425.

Read More: Loan apps: FCCPC begins enforcement of regulations to curb harassment and data violations.

After the CBN license, CreditPro is set to raise N2 billion 

Following its regulatory approval for expansion, CreditPro is planning to raise N2 billion to bolster its expansion. The process is expected to be completed towards the end of 2025. To raise the funds, the company is working with partners and investors, including Mainstreet Capital, which will be at the centre of the fundraising campaign.

On how it plans to diversify the prospective capital raise, the company is injecting the majority of the funds as working capital. A sum of N1.7 billion will be used to scale its operation to meet the expected increase in needs and meet SMEs lending targets. 

CreditPro will use N200 million to fund its technology infrastructure upgrade, such as digital systems and deployment of tech platforms to streamline its operation. The remaining N100 million will be utilised in covering market expansion needs. This will include the opening of new branches and initiation campaigns to boost brand visibility and secure more customers.

The company acknowledged the possibility of exploring other alternatives such as private placements, preference shares and commercial papers. However, it noted that these are part of its long-term plans and pursuing that initiative at this early stage is not advisable. 

As the capital raise represents its fundraising under a new operation, CreditPro will build on previous brand trust to sustain its continuous growth. It will also aim to introduce more innovations that showcase its readiness to deliver long-term value.

In addition, the new CBN’s licence approval might pose another market challenge for the company. CreditPro is at a stage where more credibility would be expected to attract partnerships and more investors. Importantly, the company will be competing with already established firms in Nigeria’s fast-evolving financial service sector.

Notably, the regulatory expansion is a significant move in its evolution and financing operation in Nigeria.