This represents a major plank of the conceptualization of coopXchange. CoopXSMEs will organize Co-operative members into groups along professional lines so that they can access SME funding which will translate into a sort of self-help. Our company will hire competent management team that will support and monitor all customers for better control and handling of their businesses by virtue of adequate internal control mechanisms. This translates to the essence of cooperation among individuals and groups for the benefit of members.
For the purpose of SMEs, the company plans to coordinate activities in the micro segment of our economy since the major industries in this sector are market trading, Okada transportation, and other micro enterprises such as welding, farming, automobile repairs, food preparation and processing, weaving, pottery, mat and basket making, shoe and furniture making, and petty trading, we will target people involved in those industries. Students and their parents are also major target market as are retirees.
We plan to organize participants in each industry and begin to provide them with micro finance products and services, whereby fee requirements may not apply unless benefits are delivered. We expect our micro finance products and services to reflect the make up of the community and their interests.
In addition to providing our micro finance products and services to customers in fashion, sports, printing and carpentry industries, we will also tailor our products and services to focus on customers in out door activities like fishing and hunting. The Coopxchange Company will offer promotional packages for customer referrals. We will also provide micro-insurance services to low-income households on commercial bases when real demand for such insurance services remains hidden and suitable products are not available in the market. Our key target markets are generally all Co-operative societies that exist in micro enterprises across 53 micro industries available in Nigeria. We expect to capture women between the ages of 18 and 54 as our most pivotal market segment.
Demographic profiles conducted indicate that while men comprise almost half the market of micro finance 75% of all micro industries are made of women. Over 80% of our potential customers are between the ages of 18 to 54 and make over N100000 per year. About 56% of our potential customers are female and 44% are male. The largest market segment is the female who hardly default on loans.
Therefore, Co-operative lending is a key component of our operations as this will encourage commitment and continued patronage from our customers.