The Board of Directors of Checkoff Finance Company Limited, a frontline Finance company, is poised to launch its Mobile App in December, eyeing a customer base of 100,000 individuals in the first three years.
According to the Managing Director of the company, Habila Musa-Luka, the app is set to be user-friendly as well as provide services ranging from Savings/Investments and loans.
Musa disclosed this at the Inaugural Annual General Meeting (AGM) of the CBN-approved Finance Company that was held on November 23rd, 2023, at Lagos Marriott Hotel, Ikeja, Lagos.
He said,
- “We started with a loan book in 2021 of a region of about N800 million, but as of last week, the loan book is already over N1.6 billion.
- “We set a target for 2022, 2023, 2024 and 2025, and we are aggressively pursuing those targets. In 2023, the target was about N2 billion and now we are currently about N1.6 billion, so we are not that far from the target.
- “In 2024, we are looking at N3 billion loan book size, and N5 billion loan book size by 2025. In doing this, we have set in motion our apps that are going to be out at any moment. We have done the finishing touches. And that’s because we’ve seen that there are a lot of customers that want to be a part of us.
- “We have people that want to save smaller amounts of money. It’s one of the reasons why our apps are going to be out for them in less than 2 weeks. With this app, we hope to build over a 100,000-customer base within the next 3 years.”
Furthermore, the Company’s loan portfolio currently stands at over N1.6 billion, showing significant growth from inception in 2021.
The customer base in the company also increased from 8,000 to over 12,000 individuals.
- “Our investment management businesses increased their assets by 23% to almost N1.3 billion at the end of the year,” Musa added.
About Checkoff Finance
Checkoff Finance Company Ltd, established in 2021 as an evolution from Checkoff Credit, is a privately operated finance firm. The primary focus of the company has been extending unsecured loans to both public and private sector employees. Over time, they have expanded their offerings to encompass a range of value-added financial solutions.
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