Alert Group Secures National MFB License, Targets N250bn

Alert Group has successfully acquired a national microfinance bank license for its subsidiary, Alert Microfin Bank, as announced by the Group Chief Executive Officer, Dr. Olarewaju Kazeem, during a media chat at the company's headquarters in Lagos.

This achievement is part of the group's expansion strategy to enhance financial inclusion and scale operations across Nigeria. The Central Bank of Nigeria (CBN) granted the license, upgrading from a state-level license, which will facilitate nationwide operations and allow the bank to increase its shareholder fund to N5 billion, removing previous geographical limitations.

Kazeem indicated that the new status will enhance market penetration and enable the opening of new branches, with plans to establish at least 15 additional branches across six geopolitical zones by the end of 2026. This expansion aims to improve access to financial services, stimulate economic activity, and create employment opportunities.

The bank also plans to launch a savings and investment application called Goldbuck to promote a savings culture among users.