Canary Point plans listing on NGX, seeks commercial banking licence

Canary Point Holdings Limited is planning a stock market listing on the Nigerian Exchange Group (NGX) and the acquisition of a commercial banking licence as part of efforts to expand its operations.

Idris Ibrahim, group managing director, Canary Point Holdings who made this known during the organisation’s induction of new board members and trustees of its subsidiaries in Lagos recently, said Canary plans long term on becoming a commercial bank and listing on NGX.

“We plan listing on NGX as a long-term goal. Maybe like three to five years from now,” he said.

“We divested from BDC and IMTO licences in 2024 to focus on the long-term goal of becoming a commercial bank,” he added.

Ibrahim also shared the organisation’s five-year growth strategy plan of consolidating its businesses to provide the foundation for raising capital for expansion.

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

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

The group managing director listed key milestones 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.

Kayode Lambo, group board chairman of Canary Holdings in his welcoming address to the new board members, 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,” he said.

“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 added.

According to him, two of the board members have lots of experience in fintech which will help steer the organisation’s growth in fintech.

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

Also, Emmanuel Bassey, MD, Assets Microfinance Bank, said the induction of the board members is to chart a new course for the business.

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

“Making products that help people get to where they want to be and where they want to go.”

Canary Point Holdings Inducts New Board Members, Sets Sights on Commercial Banking Expansion

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.

Canary unveils five-year growth plan, to join commercial banking

Canary Point Holding Limited and its subsidiaries have outlined a five-year strategic plan aimed at restructuring its financial operations to enhance productivity, profitability and evolve into a full-fledged commercial bank.

This was stated during the official induction of the company’s board of directors, where newly appointed board members and trustees of its subsidiaries were inaugurated.

The subsidiaries are Assets Microfinance Bank Limited, Canary Point Finance Limited, Canary Point Capital Limited and the not-for-profit Canary Foundation. The directors were formally introduced to their roles.

Speaking on the company’s growth aspirations, the Managing Director of Canary Point Holding and Subsidiary Group, Idris Ibrahim, said the vision of becoming a commercial bank centre around three key entities.

He listed them to include retail banking through Assets Microfinance Bank, high-net-worth individuals (HNI), and corporate banking via Canary Point Finance and asset management under Canary Point Capital.

Ibrahim said the consolidation of the individual businesses would provide the foundation for raising capital for expansion, preparing for an initial public offering (IPO) and acquiring a commercial banking licence.

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

Ibrahim provided an overview of the group’s steady evolution since its inception, tracing its expansion from a Bureau De Change (BDC) licence in 2009 to a diversified financial services powerhouse.

He listed key milestones 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.

Ibrahim noted that the group also acquired new licenses for Canary Finance in 2023 and Canary Capital in 2024 as well as rebranded Swift & Allied Partners into Canary Finance in 2024.

He said the group divested from BDC and international money transfer operator (IMTO) licenses in 2024 to focus on long-term banking goals of becoming a full-fledged commercial bank.

He said under its growth strategy, Canary Point Corporate Services was restructured into Canary Point Holding in 2024, holding its inaugural board meeting in July 2024.

Welcoming the new board members, the Chairman of Canary Point Holding and Subsidiary Group Board, Kayode Lambo, emphasised the significance of their appointments, highlighting their collective responsibility to drive the organisation forward. He explained that the induction programme is designed to equip board members with the necessary knowledge to make informed strategic decisions.

“Beyond governance, we must foster trust, communication, and collaboration to ensure the long-term success of our entities,” Lambo stated.

Former SEC director Obisan appointed to Canary Point Holdings board

Former Executive Director of Operations at the Securities and Exchange Commission (SEC), Dayo Obisan, has been appointed as a board member at Canary Point Holdings, a prominent financial services group.

In a statement released on Monday, the company emphasized that Obisan brings extensive regulatory and operational expertise to his new role.

Obisan is joined by Iyinoluwa Aboyeji, co-founder of Andela and Flutterwave, who brings significant experience in fintech innovation and entrepreneurship. Both appointees have been formally inducted into their positions.

Group Board Chairman, Kayode Lambo, stated that the new board members have been equipped with the necessary information and tools to make informed, strategic decisions.

“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,” Lambo said.

Fintech Meets Finance: Canary Point Taps Industry Veterans to Drive Digital Banking Innovation

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:

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.