• Wednesday, June 19, 2024
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BusinessDay

Alert Microfinance Bank secures State licence from CBN

The exclusion of retained earnings from Nigerian bank’s recapitalisation components

…set for expansion, introduces innovative banking solutions

Alert Microfinance Bank, a Central Bank of Nigeria (CBN)-licensed deposit-taking institution, on Tuesday, announced a significant milestone with the approval of a State license granted by the ape bank.

This achievement underscores the institution’s commitment to enhancing financial services and responding to the evolving needs of micro, small, and medium sized enterprises (MSMEs).

At a recently attended forum held in Lagos by valued customers and partners, the bank expressed gratitude for their continued support. The event served as a platform for engaging with customers, gathering feedback, and introducing ground-breaking banking solutions. During the forum, the bank unveiled its cutting-edge Alert Mobile App and introduced the innovative Kolo Ajo Savings Product, marking a transformative moment for its growing customer base.

The Alert Mobile App, now available on the Google Play Store, is designed to redefine the banking experience, offering users a seamless and user-friendly interface powered by advanced technology. The Kolo Ajo Savings product also enables users to set aside funds flexibly, starting from as low as N1,000 daily, weekly, or monthly. Having received its financial institution license from the apex bank in 2014, Alert Microfinance Bank has provided a comprehensive range of financial services, including savings, current, and fixed deposit accounts.

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The newly acquired state license further empowers the bank to expand its commitment to serving micro, small, and medium-sized enterprises and the wider public. Speaking at the forum, Olanrewaju Kazeem, Group CEO of Alert Group, highlighted another remarkable achievement, stating that Alert MFB’s shareholders’ funds have exceeded an impressive N1.5 billion, and its balance sheet currently is more than N11 billion. Kazeem emphasized the organization’s dedication to ensuring secure access and efficient management of funds for seamless transactions, leading to the introduction of these two unique products.

Looking ahead, Alert Microfinance Bank has set ambitious goals, including collaborating with partners to onboard 1 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.

Alert MFB has reorganized its board structure to ensure growth while maintaining strict compliance with regulatory and internal policies in alignment with its commitment to regulatory adherence. Beyond financial services, Alert MFB reaffirms its commitment to social responsibility by supporting orphanages, women, and the girl-child with goods, training, and affordable funding. Celebrating nine years of uninterrupted operations and profitability since 2014, Alert Group remains resilient and steadfast in its commitment to sound financial management.

With a visionary goal of becoming a leading pan-African financial service provider to MSMEs across West Africa, Alert MFB has established a digital and tele-customer experience center, ensuring a world-class customer experience. According to Raji Afolabi Saheed, CEO of Alert Microfinance Bank the bank is now positioned to accelerate its growth plan, provide exciting products to customers, and ensure improved returns to all stakeholders. He said, “We are here to change the financial landscape for good.”