Alert Microfinance Bank has grown its total assets nearly 20-fold in three years to N50bn, demonstrating how some lenders are capitalising on rising demand for credit despite operating in one of Nigeria’s toughest macroeconomic environments.
The lender’s parent group, Alert Group, now boasts total assets of about N120bn, up from a significantly smaller base. This rapid expansion follows the Central Bank of Nigeria granting a national microfinance banking licence to Alert Microfinance Bank earlier this year.
Speaking on the growth trajectory, the Group Chief Executive Officer of Alert Group, Olanrewaju Kazeem, said the expansion was a deliberate outcome of a long-term strategy focused on financial inclusion and serving Nigeria’s underbanked population, with an eye on future regional expansion into other African countries.
He said, “The growth you see in Alert Microfinance Bank and Alert Group as a whole is a deliberate plan to deliver quality service and extend our reach to as many Nigerians as possible.
“What we have today in terms of total assets for the group is about N120bn, and N50bn for Alert Microfinance Bank—coming from where we started about three years ago with just N2.5 billion.”
