Alert Group targets N250b assets with new MfB licence
Alert Group has obtained a national microfinance banking licence for its subsidiary, Alert Microfinance Bank (MfB), in a move aimed at expanding its operations and strengthening financial inclusion across Nigeria.
Alert Group has obtained a national microfinance banking licence for its subsidiary, Alert Microfinance Bank (MfB), in a move aimed at expanding its operations and strengthening financial inclusion across Nigeria.
Group Chief Executive Officer, Alert Group, Dr Olanrewaju Kazeem, disclosed this during a media briefing held at the company’s headquarters in Lagos , where he outlined the organisation’s performance, strategy, and growth plans.
Kazeem confirmed that the Central Bank of Nigeria approved the national licence, upgrading the bank’s status from a state-level operator to a nationwide institution.
He explained that the upgrade followed an increase in shareholders’ funds to over N5 billion, a regulatory requirement for national operations.
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He noted that the new licence removes geographic restrictions on the bank’s activities.
According to him, the development will enable the bank to expand its footprint, open new branches across the country, and serve a wider customer base, particularly micro, small and medium enterprises. As part of its expansion drive, the bank plans to establish at least 15 additional branches across the six geopolitical zones before the end of 2026.
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Kazeem said the expansion is expected to boost access to financial services, stimulate local economies, and create employment opportunities. He added that the national licence would also increase the bank’s lending capacity, allowing it to offer larger credit facilities to customers.
The group also reported strong first-quarter performance, with total assets rising from N63 billion to N90 billion, while its gross loan portfolio grew from N50 billion to N64 billion.
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Shareholders’ funds increased from N3 billion to N7.7 billion, while its branch network expanded from 20 to 24 locations within the same period.
Despite the growth, Kazeem said the bank maintained prudent risk management, with its portfolio at risk at 3.4 per cent, among the lowest in the industry. Profit for the first quarter stood at nearly N700m, with projections for improved performance in subsequent quarters.
As part of its digital transformation efforts, the group announced the launch of its savings and investment app, Goldbucks, aimed at encouraging savings and providing accessible investment options.
Chief Technology Officer, Alert Group Damilare Alabi, said the platform is equipped with advanced security features and has been tested to handle high user volumes while safeguarding against cyber threats.
He added that the application is supported by regulatory safeguards to ensure user confidence and investment security. The group is targeting at least 500,000 users across its digital platforms before year-end, with additional apps focused on payments and lending expected to be introduced.
Alert Group also reported growth across its subsidiaries, including Bucksfield Asset Management, which is nearing N20 billon in assets under management, and Green Bucks, which is expanding renewable energy solutions in several states.
It further disclosed plans to launch its technology arm, Bucksfield Intel Technologies, later this year to support internal operations and external clients.
Kazeem said the group’s growth strategy combines financial services, asset management, renewable energy, and technology to build a diversified business model. He added that the group plans to increase its total loan disbursement target from N130 billion to N180 billion as part of its broader expansion goals.
