Alert Group Microfinance Bank gets Lagos commissioner’s support for initiatives

Abayomi Oluyomi, the Lagos State commissioner for finance, has expressed support for some initiatives by Alert Group Microfinance Bank.

Speaking at the 10th anniversary of the Alert Group MFB and the opening of their new head office in Lagos, he described Alert Group as a partner for growth due to their role in enabling Small and Medium Enterprises (SMEs).

“In the past ten years, Alert Group has been at the forefront of empowering SMEs in Lagos State, disbursing over N30 billion in loans to over 30,000 people, and small to medium businesses over that period, which is quite remarkable.”

“To this end, Alert MFB is a partner for growth. As we gather here, it is imperative to recognise the pivotal role that ALERT MFB as an SME enabler is playing in driving economic growth, fostering innovation, and creating employment opportunities in Lagos State and Nigeria,” Abayomi said.

Kazeem Olanrewaju, the group’s CEO revealed that the Group commenced business as Alert MFB in 2013.

“Alert Group started as Alert MFB in 2013, and this marks its 10th anniversary. With a total asset of N27 million and less than 10 staff, we broke even in 2014. Today, we have total assets above 14 billion naira, and over 10 branches in Lagos, and we intend to support businesses and grow to over 30 billion assets by the end of this year,” he said.

He further stated the Group had expanded to the digital space to reach more SMEs and entrepreneurs which he described as their target audience.

“The company supports MSMEs, and loans extended to businesses are over 98 percent. Consumer loans are given to entrepreneurs, the area of focus is businesses. We have supported less than 35 thousand customers, but this year, we will support 100 thousand customers through our digital channels and additional branches in Lagos,” he stated.