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.
The goal of this program is to address the widespread problem of restricted credit availability, which impedes the expansion and development of businesses throughout Nigeria.
This ambitious goal was revealed by Alert MFB Group CEO Dr. Olanrewaju Kazeem at the grand opening of the organization’s headquarters and the product launch in Lagos.
He emphasized the organization’s commitment to using technology and forming strategic partnerships to achieve this goal, based on its track record of assisting more than 35,000 businesses to date.
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.
In order to support SMEs’ growth within the entrepreneurial ecosystem, he emphasized the necessity of facilitating their access to financing, enhancing their capacity through skill-building initiatives, and fostering market linkages.
