Mr Femi Austin, the Chief Operating Officer of CAPITIS, has said that within a year and six months since the organisation commenced operations, it has met all the financial operations requirements demanded by the Central Bank of Nigeria (CBN).
Speaking yesterday in Abuja during the organisation’s End of Year party for its customers, he said the CBN required that every micro-finance bank makes at least 100 million profit, hence, the organisation which is not a micro-finance bank but a cooperative financial outfit has made over 100 million profit within its period of operation.
He said the organisation has plans to start up a micro-finance bank in the nearest future but it will not shut down the cooperative outfit it is running currently.
According to him, the organisations aim was to reach out to people who run petty businesses and help them save money as well as receive loans to expand their businesses.
Austin noted that the organisation started from the scratch with Zero members but now has about 2000 members doing business with them within the period they have operated.
He said the organisation has also been incorporated into the Integrated Payroll and Personnel Information System (IPPIS) which now makes it qualified to give out loans to government workers.
According to him, the organisation also has plans to expand its operation across Nigeria but at the moment, it has commenced operations in Ilorin Kwara State.
He said by the first quarter of next year, it hopes to spread its branches across Abuja, then hit the South East by the second quarter.
He said the end of year party was a way of appreciating its customers and encourage others to join the organisation which will enable them save their monies and as well, access loans for their businesses.
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