More Competition for OPay, Kuda, Moniepoint Others As CBN Approves New Microfinance Bank
- The Central Bank of Nigeria has issued approval to another microfinance bank
- Alert Microfinance has operated with the financial institution license from the apex bank since 2014
- The latest license from CBN, Alert said, will help in enhancing its financial services, including savings
Legit.ng journalist Dave Ibemere has over a decade of experience covering Tech, Energy, Stocks, Investments, and Economy
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 and the wider public.
Source: Twitter
Alert shares excitement on new licence
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 hopes to develop more products to challenge a market 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.
He also emphasised the organisation’s dedication to ensuring secure access and efficient management of funds for seamless transactions.
CBN releases new rules for banks and other financial institutions looking To upgrade, expand services
Legit.ng earlier reported that the CBN released a new guideline for financial institutions interested in converting or re-categorising their licenses.
Zenith, Access, First Bank, FCMB, Sterling, and GTB were among top financial institutions that have transitioned to holding companies in recent months.
There were reports that many fintech companies were pushing towards becoming full-fledged digital banks, offering microfinance services.
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Source: Legit.ng
