About Us
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 2019, the bank increased its authorized capital from N250,000,000 (Two Hundred and Fifty Million Naira Only) to N1,000,000,000(One Billion Naira Only). Both our Shareholders fund and Deposit for Shares as at end of year 2021 was about N500,000,000 (Five Hundred Million) each. Upon capitalization of the deposit for shares figure (already with CBN for approval), our total Shareholders fund will be around N1,000,000,000(One Billion Naira Only) which is the revised capital mandated by CBN for all State Microfinance Banks to have by end of April 2022.
Worthy of note is that bank broke-even within a year of operations. It has also remained profitable in subsequent operations till date. The total asset of the Bank as at end of year 2021 was in excess of N2,000,000,000 (Two Billion Naira Only),
with loans and advances accounting for 93% of total asset. Total Deposit increased from over N200,000,000(Two Hundred Million Naira Only) in January 2021 to over N800,000,000 by end of December 2021.The asset quality is also very good.
From inception till 31st December 2021, the Bank has disbursed over N15,000,000,000(Fifteen Billion Naira Only) loans and advances to over 20,000 customers across Lagos State, and the number keeps growing. 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 and a very sound corporate governance.
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 2022 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.
© 2019 Alert MFB. All rights reserved.