Alert Microfinance Bank (MFB) Group has unveiled plans to provide affordable business loans to over 100,000 Micro, Small, and Medium Enterprises (MSMEs) in 2024. This initiative aims to address the challenge of limited access to credit, hindering the growth and development of businesses in Nigeria.
Dr. Olanrewaju Kazeem, the Chief Executive Officer of Alert MFB Group, announced the ambitious target during the grand opening of the Group’s headquarters and product launch in Lagos. He highlighted the Group’s commitment to leveraging technology and strategic partnerships to achieve this goal, building on its track record of supporting over 35,000 businesses to date.
Kazeem emphasized the Group’s focus on MSMEs, with approximately 98 percent of its loans directed towards supporting businesses. Leveraging its license from the Central Bank of Nigeria (CBN), Alert MFB Group plans to expand its presence across Lagos State, establishing 10 additional branches to reach 20 outlets.
Commending the federal government for its microfinance bank policy, Kazeem noted the significant impact of microfinance institutions in Nigeria’s economic landscape. He highlighted the remarkable growth of Alert MFB Group, from its humble beginnings with N27 million to currently boasting total assets exceeding N14 billion.
The Commissioner of Finance, Lagos State, Mr. Abayomi Oluyomi, praised 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, thereby supporting economic growth, fostering innovation, and creating employment opportunities.
Oluyomi underscored the importance of SMEs in driving economic growth, particularly in Lagos State, and reiterated the government’s commitment to supporting SMEs through various initiatives and policies. He emphasized the need to provide SMEs with access to finance, capacity building, and market linkages to thrive in the entrepreneurial ecosystem.
