Alert Microfinance Bank (MFB) Group has revealed its plan to offer affordable business loans to over 100,000 Micro, Small, and Medium Enterprises (MSMEs) in 2024.
This initiative aims to tackle the prevalent issue of limited credit accessibility that hampers business growth and development across Nigeria.
During the grand inauguration of the Group’s headquarters and the launch of its products in Lagos, Dr. Olanrewaju Kazeem, the Chief Executive Officer of Alert MFB Group, unveiled this bold target.
He highlighted the Group’s dedication to utilizing technology and forging strategic alliances to realize this objective, drawing upon its established record of aiding over 35,000 businesses thus far.
Kazeem emphasized the Group’s steadfast focus on MSMEs, with a substantial portion of its loans—approximately 98 percent—earmarked for supporting businesses.
Capitalizing on its license granted by the Central Bank of Nigeria (CBN), Alert MFB Group envisions broadening its footprint across Lagos State by establishing an additional 10 branches, thereby augmenting its current 10 outlets to a total of 20.
Expressing gratitude to the federal government for its microfinance bank policy, Kazeem underscored the pivotal role of microfinance institutions in Nigeria’s economic landscape.
He accentuated the remarkable trajectory of Alert MFB Group, from its modest inception with N27 million to its current status boasting total assets surpassing N14 billion.
Mr. Abayomi Oluyomi, the Commissioner of Finance, Lagos State, lauded the instrumental role played by Alert MFB Group in empowering small-scale businesses within the state.
He highlighted the Group’s significant contributions, including disbursing N30 billion in loans to over 30,000 individuals, thereby bolstering economic growth, fostering innovation, and generating employment opportunities.
Oluyomi reiterated the vital significance of SMEs in propelling economic expansion, particularly in Lagos State, and reaffirmed the government’s unwavering commitment to bolstering SMEs through diverse initiatives and policies.
He stressed the imperative of facilitating SMEs’ access to finance, enhancing their capacity through skill-building initiatives, and fostering market linkages to nurture their growth within the entrepreneurial ecosystem.