Alert Microfinance Bank has grown its total assets to N50 billion within three years, reflecting strong expansion despite the challenges posed by rising inflation, naira depreciation and increasing demand for credit across Nigeria.
The milestone was disclosed by the Group Chief Executive Officer of Alert Group, Mr. Olanrewaju Kazeem, during a media interview, where he attributed the bank’s rapid growth to a carefully planned strategy focused on financial inclusion and expanding its presence across the country after securing a national microfinance banking licence from the Central Bank of Nigeria.
Kazeem explained that the institution has remained committed to making quality financial services accessible to more Nigerians, particularly those who have limited or no access to formal banking services.
He noted that while Alert Group now boasts total assets of about N120 billion, Alert Microfinance Bank alone has grown from approximately N2.5 billion in assets three years ago to about N50 billion today, representing a remarkable increase over the period.
According to him, the decision to expand nationwide was driven by the growing demand for accessible financial services in underserved communities, coupled with the increasing acceptance of the Alert brand across different parts of the country.
Speaking on the challenges facing the sector, Kazeem said recruiting and retaining skilled professionals remains one of the biggest hurdles for the relatively young microfinance industry.
He also pointed to the high cost of funds as another major concern, explaining that the Central Bank’s Monetary Policy Rate of 26.5 percent has significantly increased lending costs. When combined with rising operating expenses, he said, providing affordable credit becomes even more difficult.
Kazeem revealed that the impact of inflation forced the bank to review employees’ salaries four different times within the last year in an effort to retain experienced staff.
He explained that the current economic environment has compelled businesses to exceed their original budgets to keep valuable employees, as the rising cost of living continues to put pressure on workers and employers alike.
Despite these economic headwinds, Kazeem said the changing business environment has also created fresh opportunities for growth. He noted that higher prices have increased the working capital needs of businesses, leading to stronger demand for loans as companies seek additional funding to restock and sustain operations.
He further disclosed that customer deposits have expanded by more than 200 percent annually over the past two years, a development he described as evidence of growing public confidence in the bank.
With its current growth trajectory, Kazeem said Alert Microfinance Bank is positioning itself for the next phase of expansion, with plans to extend its operations beyond Nigeria into other African markets.
