More competition for Opay, Kuda, Moniepoint others as microfinance bank gets new approval

The Central Bank of Nigeria (CBN) has granted a state license to Alert Microfinance Bank.

The new approval gives Alert MFB the full power to expand and create new products to reach micro, small, and medium-sized enterprises, as well as the wider public.

In a statement, Alert MFB said with the new licence it plans to onboard one million customers over the next four years.

To achieve this the bank said it has launched its Alert Mobile App and introduced the innovative Kolo Ajo Savings Product.

The bank will be hoping to develop more products to challenge a market that is already dominated by Opay, backed by Blueridge Microfinance Bank, Moniepoint, Palmpay, among others.

AlertMFB statement reads: "Looking ahead, Alert Microfinance Bank has set ambitious goals, including collaborating with partners to onboard one million customers over the next four years, expanding into 10 new cities across Lagos, making significant investments in its workforce and their compensation, and enlisting the services of seasoned professionals to support its target of reaching N200 billion in total assets within the next five years"

Highlighting further the efforts made so far, Olanrewaju Kazeem the Group CEO of Alert Group stated that Alert MFB’s shareholders’ funds have exceeded N1.5 billion, and its balance sheet currently is more than N11 billion, Punch reports.

He also emphasised the organisation’s dedication to ensuring secure access and efficient management of funds for seamless transaction.