Whitecrust Targets 200,000 Kano Residents in Financial Inclusion Drive

Whitecrust Investment Group says it is targeting at least 200,000 potential customers in Kano within one year as part of efforts to deepen financial inclusion and promote economic empowerment in the state.

The Chief Executive Officer of the group, Mr Kingsley Clements-Eremionkhale, disclosed this on Tuesday at the inauguration of the company’s 10th branch in Kano.

Clements-Eremionkhale said the initiative was designed to extend financial services to residents who had been excluded from, or had limited access to, mainstream financial institutions.

He said the company would provide lending, investment and financial literacy services to civil servants, paramilitary personnel, artisans, traders, business owners and other residents.

“We will sell our services in terms of investment and loans to a minimum of 200,000 potential customers in one year.

“We intend to empower them through financial literacy training because education and knowledge are also very important in empowerment,” he said.

According to him, the company conducted a needs assessment before establishing its presence in Kano and subsequently tailored its products to reflect the cultural and religious diversity of the state.

He said the company had also recruited local employees who speak the local language and understand the needs of residents, particularly civil servants, entrepreneurs and traders.

“This will improve service delivery and enable us to communicate easily with the average civil servant, businessman and businesswoman,” he said.

Expansion of lending, investment services
Clements-Eremionkhale said Whitecrust would expand its lending services beyond civil servants to include small and medium-sized enterprises (SMEs), artisans and market men and women.

He added that its investment products would cater for micro, small and high-net-worth investors.

The CEO also announced plans to introduce Islamic finance products specifically designed for customers in Kano.

He said experts trained and certified in Islamic banking and finance were already working on the products.

23 jobs planned for Kano

On employment creation, Clements-Eremionkhale said the company had so far recruited 13 workers in Kano and planned to employ 10 additional staff.

“We feel that it is important to be in Kano because of the population and also to contribute our quota in terms of economic value to the people of Kano and tax payments,” he said.

He said the company’s microfinance subsidiary was also developing corporate social responsibility initiatives targeting market men and women.

According to him, the initiatives include access to discounted Health Maintenance Organisation (HMO) policies linked to selected investment products.

Digital services, banking licence
Clements-Eremionkhale said Whitecrust had digitalised its loan and investment processes through its mobile application to make its services more accessible.

He said the digital platforms would enable entrepreneurs in Kano to access loans and investment services more conveniently while supporting the growth of their businesses.

He disclosed that the group’s long-term ambition was to obtain a commercial banking licence from the Central Bank of Nigeria (CBN) within the next 10 years.

“Automatically, the moment we have a commercial bank licence, this branch becomes a commercial bank branch,” he said.

The CEO also disclosed that the group had acquired a stake in a microfinance bank, adding that documentation for its proposed name change and relocation had been submitted to the CBN for approval.

Clements-Eremionkhale said Whitecrust, which had been operating for five years, was focused not only on profitability but also on creating employment and leaving a lasting impact in the communities where it operates.

“We came into this market with a legacy mindset. We want to leave a legacy. We want to empower people and create employment,” he said.(NAN)