The Board of Directors of Checkoff Finance Company Limited is gearing up to launch its mobile app in December, with an ambitious goal of acquiring a customer base of 100,000 individuals within the first three years. This announcement was made by the Managing Director of the company, Habila Musa-Luka, during the Inaugural Annual General Meeting (AGM) held on November 23rd, 2023, at Lagos Marriott Hotel, Ikeja, Lagos.
Musa-Luka emphasized that the app is designed to be user-friendly and will offer a range of services, including Savings/Investments and loans. He shared insights into the company’s impressive growth, noting that the loan book, which started at around N800 million in 2021, has already surpassed 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,” Musa-Luka explained. “In 2024, we are looking at a N3 billion loan book size, and a 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.”
Highlighting the imminent release of their apps, Musa-Luka mentioned that the company has recognized the demand from customers eager to engage with Checkoff Finance. The apps, expected to be launched in less than two weeks, aim to cater to individuals interested in saving smaller amounts of money, with the goal of building a customer base exceeding 100,000 within the next three years.
Additionally, Checkoff Finance’s loan portfolio has witnessed substantial growth, reaching over N1.6 billion. The customer base has expanded from 8,000 to over 12,000 individuals, indicating a positive trend in the company’s market reach and appeal.
Musa-Luka also provided insights into the company’s investment management businesses, revealing a 23% increase in assets to almost N1.3 billion at the end of the year. This growth showcases the company’s diversified financial offerings and its ability to adapt to the evolving needs of its clientele.
About Checkoff Finance
Established in 2021 as an evolution from Checkoff Credit, Checkoff Finance Company Ltd is a privately operated finance firm. Initially focused on extending unsecured loans to both public and private sector employees, the company has expanded its services to encompass a comprehensive range of value-added financial solutions.
As the company prepares to launch its mobile app, these strategic initiatives align with Checkoff Finance’s commitment to meeting the financial needs of its growing customer base. The anticipated app release and ambitious targets underscore the company’s proactive approach to innovation and market expansion in the dynamic financial landscape. Stay tuned for the exciting developments unfolding at Checkoff Finance as they continue to redefine the financial services sector.
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