Alert Microfinance Bank has achieved a significant milestone, growing its total assets to N50 billion over a three-year period. This expansion occurs as Nigeria faces a challenging financial climate characterized by surging inflation, currency devaluation, and an increased appetite for credit.
Olanrewaju Kazeem, the Group CEO of Alert Group, attributed the success to a focused effort on nationwide expansion and financial inclusion, supported by a national banking license from the Central Bank of Nigeria. The broader Alert Group now reports total assets of approximately N120 billion, marking a substantial rise from the N2.5 billion recorded just three years prior.
Kazeem noted that the bank is committed to serving the unbanked and underbanked populations throughout the country. Despite this progress, the organization faces obstacles, including a shortage of skilled labor and high operational costs. With the Monetary Policy Rate at 26.5 percent, the bank deals with expensive funding costs, which ultimately impacts credit pricing.
The current macroeconomic environment has also necessitated frequent adjustments to compensation to retain key talent. However, the bank continues to see rising demand for working capital from businesses looking to restock amid inflationary pressures. With annual deposit growth exceeding 200 percent over the past two years, the institution is now turning its attention toward potential expansion into other African markets.
