• Thursday, July 18, 2024
businessday logo

BusinessDay

Capitis Thrift plans expansion in 2022 as customer base hits 6,000

Capitis Thrift plans expansion in 2022 as customer base hits 6,000

Capitis Thrift & Credit Company said it was perfecting plans to expand its coverage areas in 2022 in order to reach out to more people at the grassroots.

The company, which started business in June 2019, said it has grown its membership and customer base to over 6,000 and they cut across various platforms within and outside the FCT.

Peter Adejoh, executive chairman/CEO of Capitis Thrift & Credit Company, who disclosed this during the annual end of year event to reward loyal customers and members of the cooperative, said that customer satisfaction has been the priority of the company as it has put processes in place to gauge the mood of the market in terms of demand and supply.

“Major milestones our company has recorded in 2021 was the successful floating of its Series A funding round which raised over N360 million and the acquisition of a microfinance bank which is set to commence business operations in January 2022 upon completion of pre-opening processes with the Central Bank of Nigeria,” Adejoh said.

Read also: How to leverage e-commerce to reach global customers, by Unlimint

While noting that inefficient risk management strategy is responsible for taking a lot of finance and investment companies out of business, Adejoh said that an investment company that has a huge appetite for risk is bound to run into problems if the right risk management mechanism is not in place.

He urged companies to create a buffer for rainy days by constantly building a reserve in order to meet customer and investors obligations, and generate profit for shareholders.

“As a company that thrives on savings and loans, we place a high premium on ensuring that borrowers meet minimum lending criteria, and that proper documentation is done at all times. This helps to mitigate default and reduce Non-Performing Loan (NPL) ratio to the barest minimum,” Adejoh said.

On why Capitis is growing, he said, the company always studies the economy and current market trends to guard investment decisions and focus on what needs to be done to cut cost and maximise profit.

“We are committed to creating value for our members, investors, and shareholders,” Adejoh added.