to our company
ALERT Microfinance Bank Limited, formerly known as BOIG
Microfinance Bank Limited, is a
unit MFB (has applied to CBN for State MFB license).
Every indication attest to the fact that we may be
approved for a State license soon as we have fulfilled all the requirements leading to the award of State
License. Located at No 33, Idumagbo Avenue, Lagos Island, Lagos State. We are strategically located in the
commercial hub center of Lagos State (Lagos Island), an area that accommodates varieties of business ventures
ranging from small, medium to large scale business enterprises.
The Central Bank recently approved more branches for us within Lagos State. We have
commenced business in one of the locations.
The bank started operations since 2014 as a Microfinance bank with its core mandate of
providing affordable, flexible financial and non-financial services to micro-entrepreneurs in Nigeria,
particularly Lagos State.
The bank’s supervision falls under the purview of the Central Bank of Nigeria (CBN). In
accordance to the CBN regulatory guidelines for Microfinance Banks in Nigeria, the following are the medium
through which ALERT MFB delivers quality and affordable Microfinance services:
- Acceptance of various types of deposit such as savings, demand, term and target from individuals or groups
- Provision of credit facilities to individuals and groups (formal and informal)
- Promotion and monitoring of loan usage by customers
- Provision of ancillary banking services such as domestic remittance of funds
- Maintenance of various types of account with other banks in Nigeria
- Operation of Micro-leasing facilities, microfinance related hire purchase as well as supervision of credit
schemes to ensure access of microfinance customers to inputs for their economic activities.
- Mobilize and provide financial and technical assistance to Microenterprises
- Provision of non-banking functions that relate to microfinance business development such as co-operatives
and group formation activities, rural industrialization and other support services
- Micro-insurance to cover our Clients and their loans.
ALERT Microfinance Bank Limited is a limited liability company, incorporated in Nigeria
by the Corporate Affairs Commission (CAC) with Registration Certificate No 1112134 on 2nd May, 2013 as a
company limited by shares.
The bank commenced full financial operations on 2nd January, 2014 with an Authorized
share capital of N 20,000,000 (Twenty Million naira only) fully paid up at a nominal value of N1.00 per share.
The authorized share capital was increased to N 250,000,000.00 (Two hundred and fifty million naira only) on
the 10th September, 2015, out of which the sum of N209, 000. 000(Two Hundred and Nine Million Naira Only) have
been approved by the Central Bank of Nigeria (CBN). These shares have been fully paid.
In the year 2018, the bank increased its authorized share capital from 250,000,000 to
1 Billion Naira only. The bank has also submitted to CBN additional capital of about 400,000,000 for approval.
This upon approval will shore up our paid up capital to excess of N600,000,000. We project to have in excess of 1 Billion
Naira capital before end of year 2020.
This will position the bank in accordance with the statutory capital required for granting a state
Microfinance Banking license, which we have applied for.
The bank broke-even within a year of operation and since year 2015 it has consistently recorded
impressive financial figures particularly in the areas of risk asset quality, volume of loan disbursement,customer
acquisition, information technology, digital channels and profitability.
From inception till date, the bank has disbursed over 5 Billion Naira loans and advances
to over 15,000 clients, this is projected to hit 10 Billion by the end of year 2020 to over 50,000 clients by end of year
2020. Our total assets is excess of 1 Billion Naira with loans and advances representing close to 90% This growth is premised on our recent massive investment in electronic channel other I.T infrastructure for the
the efficient delivery of affordable digital credit services.
At Alert Microfinance Bank Limited, we have built our impressive growth on excellent
service delivery in a uniquely customer friendly environment with professional staff, a robust information
technology IT structure, very sound corporate governance, robust risk management process and a highly skilled management.
The central bank of nigeria in recognition of our impressive growth, approved the opening of a new branch in
idumota area of lagos island. Having met all the criteria for the issuance of a state microfinance banking license, we have
written to CBN to grant us approval to open more branches across lagos state to enable us adequately serve the needs of our numerous
customers. All evidence atests to the possibility of approval of this request by CBN before end of year 2020 the bank recently got CBN approval to open a new
branch in the Idumota area of Lagos Island, an area that falls within the same Local Government Area with our
present head office.
At Alert Microfinance Bank Limited, we tailor our customers’ needs in line with products
that best suit their needs.