Preferred Finance Company Limited has secured a finance company licence from the Central Bank of Nigeria (CBN), positioning it to provide structured financial solutions for micro, small, and medium enterprises (MSMEs) across the country.
The announcement was made during the company's official launch event in Abuja, where executives highlighted their focus on increasing financial access for underserved businesses. According to Managing Director Dr. Olasehinde Sunday, the company was founded by Guarantee Multipurpose Cooperative Society Limited, whose members hold a 70% stake in the business.
With the CBN licence, Preferred Finance is now authorised to offer a broad range of services including financial advisory, funds management, and targeted loan products—such as MSME, education, contract, and payday loans.
Dr. Sunday said the firm is committed to supporting inclusive economic development and has already taken steps by funding social initiatives like installing CCTV at a local orphanage and sponsoring the education of underprivileged students.
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Chairman of the Board, Mr. Kolawole Okunato, reflected on the firm's roots in cooperative finance and praised the journey from grassroots beginnings to a fully licensed financial institution. He expressed gratitude to the CBN for its support, noting the company's intention to become a leader in financial services through digital innovation and a customer-first approach.
With over 10,000 cooperative members and 12 years of experience, Preferred Finance plans to play a pivotal role in improving access to credit for Nigerian MSMEs.
