Alert Microfinance Bank grows assets to $33 million amid rising credit demand

Alert Microfinance Bank has achieved significant growth, expanding its total assets to N50 billion (approximately $33 million) from N2.5 billion just three years prior. This expansion reflects a growing demand for credit within Nigeria's inflationary economy and the bank's strategic push following the Central Bank of Nigeria's issuance of a national microfinance banking license.

The bank's parent company, Alert Group, has also seen its balance sheet expand considerably, reaching total assets of about N120 billion (approximately $79 million). This growth aligns with the group's objective to deepen financial inclusion and broaden its operational reach across Nigeria.

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The growth that you see in Alert Microfinance Bank and Alert Group as a whole is a deliberate plan to ensure that we are able to deliver quality service and also to extend our services to as many Nigerians as possible.

Olanrewaju Kazeem, Group Chief Executive Officer of Alert Group, attributed the success to a long-term strategy focused on serving unbanked and underserved populations. "The growth that you see in Alert Microfinance Bank and Alert Group as a whole is a deliberate plan to ensure that we are able to deliver quality service and also to extend our services to as many Nigerians as possible," Kazeem stated.

Kazeem further explained that the bank's expansion is driven by a board-approved strategy to bring financial services to communities with limited access to formal banking. He noted that the national license and increasing brand recognition have accelerated these expansion plans. Despite the growth, Kazeem acknowledged challenges within the operating environment, including high inflation, rising interest rates, increased operating costs, and difficulties in attracting skilled personnel.

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The need for us to extend our services to other parts of the country where there is yearning for such services, particularly ensuring that we improve financial inclusion and help the underbanked and unbanked in Nigeria, is what is driving us.