The Alternative Bank
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The Alternative Bank Sparks Financial Revolution For Traders, Farmers

4 months ago
4 months ago

The Alternative Bank, one of Nigeria’s leading non-interest banks, has launched a nationwide push to empower market traders and smallholder farmers with financial tools that promise to reshape grassroots economic opportunities.

In partnership with Sterling Financial Holdings Company and the Association of Market Women/Men and Farmers of Nigeria (AMWMF), The Alternative Bank is targeting one of the country’s most stubborn economic challenges, the exclusion of millions from formal financial systems. Central Bank of Nigeria data shows that 26% of Nigerian adults, or about 28.8 million people, remain financially excluded, with rural dwellers and informal sector workers hit hardest.The Alternative Bank

Through the new collaboration, over 16 million AMWMF members will gain access to zero-fee accounts, microloans, SME funding, and other services designed to boost business growth and independence. Women, who make up the bulk of the informal market workforce, are expected to benefit the most.

Korede Demola-Adeniyi, Executive Director at The Alternative Bank, said the program goes beyond banking access, tackling deeper issues of trust, financial illiteracy, and systemic exclusion.
“To bridge the financial inclusion gap, we must break down the barriers that have kept large sections of our population on the sidelines. Our approach is about simplifying access, building trust, and giving grassroots entrepreneurs the tools they need to take control of their financial future,” she said.

The Bank is also backing its financial offerings with education, giving members access to financial literacy training, personalised business support, and no initial fees for POS terminals — enabling traders to easily accept electronic payments.The Alternative Bank

Launched in Oyo State, the program will expand to 15 more states this year. AMWMF’s National President, Erelu Dr. Becky Olubukola, hailed the partnership as a milestone for the association’s mission to create an enabling environment for members to thrive.

Beyond banking, The Alternative Bank is introducing electric-powered tricycles to help vendors transport goods, setting up health kiosks in underserved areas, and rolling out a waste-to-wealth initiative that turns discarded materials into profitable ventures.

With these combined efforts, the Bank aims not only to close Nigeria’s financial inclusion gap but also to ignite sustainable growth in local economies.

By Augustine Idoje

For more details, visit fasnewsng.com or email [email protected]

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