Alert Microfinance Bank (MFB) Group has announced its intention to offer affordable business loans to more than 100,000 Micro, Small, and Medium Enterprises (MSMEs) in 2024. This initiative aims to tackle the challenge of limited credit access, which has been a barrier to the growth and progress of businesses in Nigeria.
Dr. Olanrewaju Kazeem, the Chief Executive Officer of Alert MFB Group, revealed this ambitious target during the inauguration of the Group’s headquarters and product launch in Lagos. He emphasized the Group’s dedication to utilizing technology and forming strategic partnerships to achieve this objective, building on its track record of supporting over 35,000 businesses thus far.
Kazeem highlighted the Group’s particular focus on MSMEs, with nearly all of its loans directed towards supporting such businesses. Leveraging its license from the Central Bank of Nigeria (CBN), Alert MFB Group aims to extend its footprint across Lagos State by establishing 10 additional branches, bringing the total to 20 outlets.
Commending the federal government for its microfinance bank policy, Kazeem acknowledged the significant role of microfinance institutions in Nigeria’s economic landscape. He noted Alert MFB Group’s remarkable growth journey, starting with N27 million and now boasting total assets exceeding N14 billion.
Mr. Abayomi Oluyomi, the Commissioner of Finance, Lagos State, lauded the pivotal role of Alert MFB Group in empowering small-scale businesses in the state. He highlighted the Group’s contributions, including disbursing N30 billion in loans to over 30,000 individuals, which has supported economic growth, spurred innovation, and generated employment opportunities.
Oluyomi stressed the importance of SMEs in propelling economic development, especially in Lagos State, and reaffirmed the government’s commitment to supporting SMEs through various initiatives and policies. He emphasized the necessity of providing SMEs with access to finance, capacity building, and market connections to flourish in the entrepreneurial landscape.
