Alert Microfinance Bank has grown its total assets nearly 20-fold in three years to N50 billion, demonstrating how some lenders are capitalising on rising demand for credit despite operating in one of Nigeria’s toughest macroeconomic environments marked by high inflation, elevated interest rates and currency depreciation.
The lender’s parent group, Alert Group, now has total assets of about N120 billion, up from a significantly smaller base, as it accelerates expansion following the grant of a national microfinance banking licence by the Central Bank of Nigeria (CBN) to Alert Microfinance bank earlier this year.
Speaking in an interview with BusinessDay, on the bank’s growth trajectory, Olanrewaju Kazeem, Group Chief Executive Officer of Alert Group, said the rapid expansion was not accidental but the result of a carefully executed long-term strategy focused on financial inclusion and serving Nigeria’s underbanked population in anticipation to a regional growth to other African countries in the
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