Alert microfinance bank


What you should know about Alert Microfinance bank loan

Alert Microfinance bank – You probably have not heard about Alert mfb, better still, just getting to know about it. If you are considering to bank with Alert but never had a first-hand information about its operations, this is the right place to be.

In this guide you will learn how Alert microfinance bank can finance your business and provide arrays of funding options to meet your financial objectives.

Let’s dig in without fluff.

About Alert microfinance bank

Alert microfinance bank is a limited liability company, incorporated in Nigeria by the CAC in 2013. However, it commenced full-fledged operations in January, 2014.

Since its emergence as a credit institution in Nigeria, Alert has grown in leap and bounds.

Read also: How to access AB Microfinance Bank loan

Despite not having a state microfinance bank status at the moment, the bank has a revised capital of around N1,000,000,000 mandated by CBN for all state microfinance banks by the end of 2022.

Alert operates strictly in Lagos state at the moment with its address located at No 33, Idumago Avenue, Lagos Island, Lagos state.

How alert microfinance works

The bank works as a financial institution/deposit money bank in the sense that it accepts deposits, savings, demand, as well as creates and gives out loans in the capacity of a state microfinance bank despite having not received its license from the apex bank.

It provides a non-banking functions that relate to the microfinance business development like co-operatives and group formation activities, rural industrialization and related support services.

Alert MFB deposit products

1.The Alert regular savings account (Individual and corporate account)

This is a regular/conventional savings account product designed for people of ages. The account attracts saving interest in line with prevailing market rates. The minimum opening balance for alert savings account is N1,000 with a 2% per annum interest rate.

2. Alert target savings (Individual and corporate)

If you run a corporate organization the alert target savings will be ideal for your business where you are looking to purchase working tools and other assets.

3. Alert education made-easy savings account

This is an account tailored to assist parents to save towards their children school fees as well as access education loans from the bank at a flexible and affordable rate.

4. Current account –( Individual and corporate)

The current account is designed for both individuals and corporate bodies targeted at medium and large scale entrepreneurs who have good turn-overs on their account.

It has an opening balance of N2,000 and N10, 000 for individual and corporate bodies.

5. Fixed deposit account

The fixed deposit account is tailored to serve individuals and corporate bodies who have surplus funds in display to invest for a period between 30 to 365 days usually with a negotiable and attractive interest rate.

Alert MFB loan products

Alert microfinance bank provides not just deposit services, but as well as loans and facilities to its loyal customers where they look to meet their basic and short term financial demands.

Read also: How to access loan from Baobab Microfinance Bank

Kindly find the below loan products offered by alert MFB

1.Alert save and borrow loan

This is a credit product tailored to encourage the active poor to save with opportunity and borrow using their savings as collateral for the loans given.

As a customer you can access between N50,000 to N300,000, with a flexible repayment plan.

If you meet all loan requirements, funds could be disbursed within 24 hours.

2. Alert asset acquisition loan

This is tailored to empower individuals and corporate bodies through acquisition of assets for personal and business purpose.

You can access N1,000,000 to a maximum of N10,000,000 with a flexible rate as well as repayment plan.

3. Alert enterprise loan

The alert corporate loan is a facility tailored for individuals and corporate bodies with an aim to augment working capital. The facility is between N500,000 and N25,000,000, having met all conditions disbursement is happens within 24 hours.

4. Alert salary loan (private sector)

The alert salary loan is a product strictly meant to meet the funding needs of customer who are on a payroll/salary earners in private sectors.

Salary earners can access between N100,000 and N2,000,000, however, amount given is determined by your net pay as indicated on your monthly pay slip.

5. Alert salary loan (public sector)

Salary earners in public sectors are meant to benefit from this facility, minimum loan of N100,000 and maximum of N2,000,000.

Disbursement happens within 24 hours having met all necessary requirements, repayment is deducted at source while loan amount is determined from each obligor’s pay slip.

6. Alert diaspora loans

If you reside in Nigeria but wish to use a family member abroad as a guarantor to back up a facility, the alert diaspora loan serves this purpose for you.

These preferred family members should reside in the UK, EU and the US before they could be used as guarantors.

What you’ll need to do is send the guarantor’s form to a relative abroad via email, he/she completes and route back.

This facility provides between N50,000 and N250,000, subject to meeting requisite conditions the loan gets disbursed.

7. Alert students loan

The alert students loan is a facility tailored to meet the funding needs of Nigerian students as well as youth corps members in need of urgent financing.

Facility ranges from N5,000 to N20,000 with flexible repayment plan at affordable rate.

Alert microfinance bank email address

If you wish to reach out to the bank via email, kindly send your mail to:

Phone: +234 701 301 2981

How to apply for a loan

Follow this link to apply for your loan, be sure to have your loan disbursed with 24 hours having met requisite conditions

Read also: Lapo Microfinance bank loan, how to apply, requirements, rates, threshold, etc.


For the bank’s salary structure, the average salary was found to be around N69,300. For more details you may have to reach out to the bank’s staff across various cadres to ascertain their earnings.

BOIG microfinance bank now known as alert MFB is located and operates only in Lagos at this time serving various businesses like small medium to large scale business enterprises.

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