By Providence Ayanfeoluwa 

Canary Point Holding Limited and its subsidiaries have unveiled a five year operational expansion plan targeted at acquiring a commercial banking license and listing on the Nigeria Exchange Group, NGX.

Also, the long term plan is geared towards restructuring its financial operations to boost productivity and profitability.

Speaking at the induction ceremony of the company’s new board members and trustees of the subsidiaries, Group Managing Director of Canary Point Holdings, Idris Ibrahim, said that the company has a long term plan which is becoming a commercial bank and listing on NGX.

He said: “In three to five years from now, we plan listing on NGX as a long-term goal. 

“We divested from Bureau De Change, BDC and International Money Transfer Operators, IMTO licences in 2024 to focus on the long-term goal of becoming a commercial bank.

Ibrahim said the company’s vision is to continuously invest in people, technology and processes to drive innovation, maintain competitiveness and reinforce a customer-centric approach.

He highlighted the organisation’s five-years growth strategy plan of consolidating its businesses to provide the foundation for raising capital for expansion.

He explained the group’s steady growth since inception, tracing its expansion from a BDC in 2009 to a diversified financial service provider.

He outlined some of the company’s achievement to include: the acquisition of Swift & Allied Partners’ Lenders License in 2012, marking an entry into structured financial services and the purchase of Assets Microfinance Bank in 2017, strengthening its retail banking capabilities.

Also speaking, Group Board Chairman of Canary Holdings Mr Kayode Lambo, said the inducted board members would bring their collective experience and expertise to drive the organisation’s growth.

“As board members, we are part of a unified team, each of us bringing unique perspectives, experiences, and skills.

“Our strength lies in our ability to collaborate effectively, challenge each other constructively, and always place the best interests of the organisation, its employees, and its stakeholders at the forefront of our decision-making”.

He explained that the induction programme is designed to equip board members with the necessary knowledge to make informed strategic decisions.

On his part, Managing Director of Assets Microfinance Bank, Emmanuel Bassey, said the induction of the board members is to chart a new course for the business.

He said: “We see the need in the industry in blending products and people making the products fit and that is what Canary is all about.”

The subsidiaries included:  Assets Microfinance Bank Limited, Canary Point Finance Limited, Canary Point Capital Limited and the not-for-profit Canary Foundation.