The company celebrated the milestone during its grand opening ceremony held in Abuja on Tuesday, where executives and board members reaffirmed their commitment to expanding financial access to underserved markets and communities.
Speaking at the event, Dr. Olasehinde Sunday, the company’s Managing Director and CEO, described the launch as the continuation of a longstanding vision driven by dedication and innovation. He revealed that the company was established under the ownership of Guarantee Multipurpose Cooperative Society Limited, with 70% of shares subscribed by cooperative members.
“On December 16, 2024 — coinciding with my birthday — we received our final licence from the Central Bank of Nigeria,” he said. “Preferred Finance is not just another finance company. It is a purpose-driven institution committed to supporting Nigeria’s economic transformation through accessible and innovative financing.”
The CBN licence enables the company to offer a range of services including funds management, financial advisory, structured finance, and various loan products such as personal, asset, contract, MSME, and education loans.
Dr. Sunday emphasized that the company’s vision is rooted in inclusivity, aiming to extend its impact beyond financial services. As part of its social responsibility efforts, the company has already supported local initiatives — including equipping the Lomina Orphanage in Lugbe, Abuja with CCTV systems, and sponsoring the education of 25 underprivileged students.
“We are here to serve with integrity, empower communities, and make lasting contributions to Nigeria’s economic and social development,” he stated. “Investing with us means becoming a partner in both financial growth and social impact.”
The company’s board chairman, Mr. Kolawole Okunato, echoed this sentiment, recounting the 12-year journey from a modest cooperative society to a licensed financial institution. He credited the CBN’s regulatory oversight and guidance for enabling the transition, describing the licence acquisition as a landmark achievement rooted in compliance, resilience, and collective belief.
“As we evolved from our founding in 2012, we realised the need for a broader platform — one that could connect us with more households, more businesses, and more dreams,” Okunato said.
Preferred Finance enters the market with the backing of over 10,000 cooperative members and a track record built on over a decade of grassroots financial support. The company plans to leverage technology, disciplined investment practices, and a customer-first strategy to redefine access to finance for Nigeria’s vibrant MSME sector.