According to the CBN's "REVISED GUIDELINES FOR FINANCE COMPANIES IN NIGERIA, 2014":
"A Finance Company unless otherwise stated, means a company licensed to carry on Finance Company business. Finance Company Business means the business of providing financial services to individual consumers and to industrial, commercial, or agricultural enterprises"

Finance companies are not licensed to accept depositors funds, hence they are not banks. However, they often are willing to take on high risk deals that banks may not be too willing to engage such as funding MSME's who have little or no collateral.

Has anyone got experience using finance companies in Nigeria, please share your experiences and recommend your best.