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. VISIT OUR SITE
