CBN Issues State License Approval to Alert Microfinance Bank
The Central Bank of Nigeria, (CBN), has issued state license approval to Alert Microfinance Bank, a subsidiary of Alert Group.
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In a statement, Alert Microfinance bank disclosed that the license approval underscores its goal to collaborate with partners and onboard one million customers over the next four years, with significant expansion into 10 new cities across Lagos.
AlertMFB statement reads:
“Looking ahead, Alert Microfinance Bank has set ambitious goals, including collaborating with partners to onboard one million customers over the next four years, expanding into 10 new cities across Lagos, making significant investments in its workforce and their compensation, and enlisting the services of seasoned professionals to support its target of reaching N200 billion in total assets within the next five years”
The group CEO of Alert Group, Olanrwaju Kazeem emphasized the organization’s dedication to ensuring secure access and efficient management of funds for seamless transactions.
ALERT Microfinance Bank Limited, formerly known as BOIG Microfinance Bank Limited, is a unit MFB. The bank started operations in 2014 as a Microfinance bank with its core mandate of providing affordable, flexible financial and non-financial services to micro-entrepreneurs in Nigeria, particularly Lagos State.
Worthy of note is that the bank broke even within a year of operation. It has also remained profitable in subsequent operations to date.
Having received its financial institution license from the apex bank in 2014, Alert Microfinance Bank said it has provided a comprehensive range of financial services, including savings, current, and fixed deposit accounts.
The newly acquired state license will further empower the bank to expand its commitment to serving micro, small, and medium-sized enterprises and the wider public.
