By Babajide Komolafe
Alert Microfinance Bank has recorded a 20-fold increase in total assets to N50 billion in three years, as rising inflation, naira depreciation and stronger demand for credit reshape Nigeria’s banking landscape.
Speaking in a media interview, Group Chief Executive Officer of Alert Group, Mr. Olanrewaju Kazeem, said the bank’s growth was driven by a deliberate strategy focused on financial inclusion and nationwide expansion following the Central Bank of Nigeria’s approval of a national microfinance banking licence.
According to him, “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 extend our services to as many Nigerians as possible. Today, the Group has total assets of about N120 billion, while Alert Microfinance Bank has about N50 billion, from about N2.5 billion three years ago.”
He added: “The need for us to extend our services to other parts of the country where there is yearning for such services, particularly by improving financial inclusion and supporting the underbanked and unbanked, is what is driving us. We have also seen strong acceptance of the brand, making expansion across Nigeria very compelling.”
