Canary Point Holdings Limited, a prominent Nigerian financial services group, has announced an ambitious five-year strategic plan aimed at restructuring its operations to enhance productivity and profitability, with the ultimate goal of evolving into a full-fledged commercial bank.
This initiative was unveiled during the recent induction ceremony of new board members and trustees for its subsidiaries, reflecting the company’s commitment to strengthening its leadership and expanding its footprint in the financial sector.
Established over a decade ago, Canary Point Holdings has steadily grown its presence in Nigeria’s financial landscape. The group operates through several key subsidiaries, each catering to distinct financial needs:
- Assets Microfinance Bank Limited: Focused on providing microfinance services to individuals and small businesses, emphasizing grassroots connections and support for SMEs and providing digital tools to help SME scale.
- Canary Point Finance Limited: Offers a range of financial solutions for HNI and Institutions, including loans and investment opportunities, tailored to meet diverse client requirements.
- Canary Point Capital Limited: Specializes in investment banking services, working across various asset classes and industries to deliver first-class investment services.
- Canary Foundation: A not-for-profit arm dedicated to corporate social responsibility initiatives, aiming to empower Nigerians with innovative solutions to attain financial freedom.
The induction ceremony, held in Lagos, marked the formal introduction of esteemed professionals to the company’s board: namely Mr. Dayo Obisan: Former Executive Director (Operations) at the Securities and Exchange Commission (SEC), bringing extensive regulatory and operational expertise, and Mr. Iyinoluwa Aboyeji: Co-founder of notable unicorns Andela and Flutterwave, offering a wealth of experience in fintech innovation and entrepreneurship.
Mr. Kayode Lambo, Group Board Chairman, emphasized that the induction program was designed to equip board members with the necessary information and tools to make informed, strategic decisions, ensuring a common understanding of the company’s purpose and approach. He highlighted that the new board members are expected to bring valuable experience and innovation, particularly in the fintech space, aligning with Canary Point’s vision to integrate fintech and its components into their products and services.
Group Managing Director, Mr. Idris Ibrahim, outlined the company’s aspirations to grow in revenue and assets, with a long-term goal of listing on the Nigerian Exchange Group (NGX) and acquiring a commercial banking license. He stated that Canary Point plans to become more public-facing, expanding its reach and involving more people in their business operations.
Echoing this vision, Mr. Emmanuel Bassey, Managing Director of Assets Microfinance Bank, emphasized the bank’s commitment to understanding the specific needs of grassroots clients and SMEs. The focus is on creating tailored and innovative digital financial products that cater to these segments, reinforcing the group’s dedication to financial inclusion and support for small businesses.
Through strategic leadership appointments and a clear vision for the future, Canary Point Holdings is poised to make significant strides in Nigeria’s financial sector, leveraging technology and innovation to achieve its goals, Bassey asserted.
