Tag: Alternative Bank

The Alternative Bank (AltBank) has expanded its non-interest banking footprint with the opening of a new branch in Effurun, Delta State, strengthening its presence across the Edo/Delta corridor.

The branch is expected to serve individuals, businesses, and community organisations seeking banking solutions outside the conventional interest-based system, particularly in a region known for vibrant commercial activity and a large informal economy.

Speaking at the inauguration, Chukwuemeka Agada, Divisional Head (South) of AltBank, said the decision to establish the branch demonstrates the institution’s commitment to deepening collaboration with communities in and around Warri.

Read Also: The Alternative Bank, Plateau unite to transform livestock sector

“By establishing a presence here, we are initiating a transformation in the way banking serves the people of Delta,” he said, adding that the Bank intends to tailor its services to meet the needs of traders, SMEs, and the growing population of young professionals.

The launch attracted traditional and government representatives, including His Royal Majesty Emmanuel Ekemejewa Sideso Abe I, the Ovie of Uvwie Kingdom; the Chairman of Uvwie Local Government, represented by the Vice-Chairman, Hon. Andrew Agagbo; and officials from the Delta State Government, an indication of strong local interest in the bank’s arrival and the broader drive to improve financial access in the state.

Delivering remarks on behalf of the Ovie, Chief Samuel Eshenake urged the Bank to ensure its presence contributes meaningfully to community development, particularly in the areas of employment and economic empowerment.

Responding, Regional Head, Edo/Delta, Akanni Owolabi,  reaffirmed AltBank’s commitment to sustained collaboration with stakeholders.

“We see this branch as a catalyst for creating opportunities and supporting the growth of local businesses,” he said.

AltBank operates on non-interest banking principles rooted in Islamic finance, an approach anchored in asset-backed transactions and risk-sharing mechanisms.

With the Effurun branch now open, residents and businesses in neighbouring communities can now access products and services designed specifically around this financial model.

The Alternative Bank (AltBank), Nigeria’s non-interest bank, has announced a dedicated SME support package at the 46th Kano International Trade Fair (KITF), offering free payment solutions, zero cost digital onboarding and targeted advisory support to traders and entrepreneurs across Northern Nigeria.

The intervention reinforces the Bank’s commitment to using sustainability centred non-interest finance to unlock growth for businesses and strengthen regional commerce.

Kano, widely recognised as one of Nigeria’s commercial nerve centre of Northern Nigeria, continues to serve as a hub for resilience, trade and innovation. AltBank’s participation at this year’s fair is built around a clear goal to help micro, small and medium enterprises (MSMEs) access the tools, capital and advisory they need to move from survival to sustainable expansion.

Delivering his goodwill message at the fair, Garba Mohammed, Executive Director (North), at The Alternative Bank, described the Bank’s role as one that goes beyond conventional lending.

 “At The Alternative Bank we see ourselves as a catalyst for shared prosperity. Hence, we will continue to seek out partnerships that drive growth, uplift individuals, strengthen communities, and unlock the potential of businesses,” said Mohammed, who was represented by The Alternative Bank’s Regional Business Executive (North West 2), Aliyu Wada-Nas.

The fair also featured a special business seminar, organised by the Kano Chamber of Commerce, Industry, Mines & Agriculture (KACCIMA). Convened under theme, ‘Empowering SMEs for Sustainable Development: The Pathway to Inclusive Growth’ the discussions sought to explore key pathways to MSME growth through discussions on economic opportunities, tax reforms, financing options, digital technology, and climate resilience.

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During his keynote address at the seminar, Mohammed highlighted the central role of MSMEs in Nigeria’s economic future and called for closer collaboration among stakeholders.

 “The nations that lead tomorrow are those that empower their small businesses today. Government, financial institutions, development partners and SMEs can work together to unlock a new era of sustainable and inclusive growth for Kano, for Northern Nigeria and for our country.

 “At The Alternative Bank, small businesses are not an afterthought. They sit at the core of our mission to establish Nigeria as a stronghold for international trade and long-term economic resilience,” he said.

SMEs are estimated to account for over 90 per cent of businesses in Nigeria, employ a significant share of the workforce and contribute a substantial portion to the national GDP. Yet many still struggle with limited access to finance, weak infrastructure, digital exclusion and restricted market reach.

Looking to bridge this gap, AltBank has significantly enhanced its support for the segment through a series of impactful initiatives. The Bank recently secured a $15 million facility to boost its capacity for trade and commodity finance, further strengthening its commitment to fostering inclusive economic growth and empowering SMEs across Nigeria.

The Alternative Bank has reaffirmed its commitment to inclusive agricultural growth with the expansion of its non-interest financial facilities targeted at women and youth across Nigeria.

Speaking at the Agriculture Summit Africa (ASA) held in Abuja, the Executive Director, South, of the Alternative Bank, Korede Demola-Adeniyi, said the initiative aims to empower women and young people to participate fully in agriculture through accessible financing, financial literacy, and risk-sharing partnerships.

Adeniyi explained that as a non-interest financial institution, it operates on a risk-sharing model rather than conventional lending, ensuring that both the bank and beneficiaries collaborate to achieve mutual success.

She highlighted that the bank has implemented several agricultural empowerment programmes across at least five states, including a successful pilot project in Kano, where 120 women benefited from a tricycle initiative designed to enhance livelihoods and improve safety for women and children in rural communities.

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 “We don’t call what we do loans because we work hand-in-hand with beneficiaries,” she said. “We provide facilities at next to nothing, particularly to support women. Since we share both the risk and the profit, our focus is on creating lasting impact for all parties.

“The women in Kano, who were previously underserved, now have a steady source of income. Beyond economic empowerment, the initiative has improved safety, as women now transport other women and children, reducing the risk of assault and kidnapping,” Adeniyi added.

She further disclosed that the bank recently launched a ginger production pilot in Kaduna focused exclusively on women farmers.

The project, she said, is addressing pricing challenges through partnerships with development institutions to ensure fair market access and sustainable incomes for participants.

To deepen its reach in underserved areas, the Alternative Bank has deployed a network of empowered agents who serve as direct links between the bank and rural communities, providing real-time feedback and support.

 “We want to remain effective in rural areas where banks can not always be physically present. Our agents help us stay connected and responsive,” she said.

Adeniyi added that bank will debut a dedicated agriculture product by year-end, engineered to put women and youth at the center of key value chains and to scale access to non-interest, risk-sharing finance.

The Alternative Bank and the Plateau State University (PLASU) have partnered on a breakthrough solution that could be a game-changer for the transformation of the livestock sector.

The solution, known as Alfalfa, is expected to enhance animal feed, boost productivity, and ease the long-standing farmer-herder conflict.

The Alternative Bank at the weekend stated that Alfalfa, the high-protein forage crop, is now thriving in trials at Plateau State University (PLASU) with funding from the bank.

At PLASU’s Green Field Day on Alfalfa Adaptability and Performance Trials which held at the university’s Faculty of Agriculture Research Plot in Bokkos, Plateau, experts generally commended the initiative.

Researchers, policymakers, farmers, agribusiness leaders, and development partners who gathered to see first-hand how the initiative has progressed, were convinced that preliminary results from the trials have been highly encouraging, showing clear viability under Plateau State’s weather and soil conditions.

The initiative was handed over to PLASU in May 2025 under The Alternative Bank’s Corporate Social Investment programme aimed at advancing livestock feed solutions in Nigeria.

Presenting his paper on ‘Alfalfa Adaptability and Performance under Plateau’s Climate’, the Dean of the Faculty of Agriculture at Plateau State University and lead of the Alfalfa Project Research Team, Associate Prof. Hosea  Finangwai, reported that germination rates exceeded 85 per cent within two weeks.

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Finangwai added that the crop adapted well to local soils, reaching heights of up to 66.5cm in 13 weeks – figures consistent with global benchmarks.

With projected biomass yields of over 18-20 tonnes per hectare annually for three cuttings under rain-fed conditions, Alfalfa is emerging as a viable, high-nutrition forage for Nigeria’s dairy and beef industries.

The researchers expect crude protein levels to align with international standards, reinforcing Alfalfa’s potential to strengthen livestock feed and reshape ruminant nutrition.

Speaking on behalf of the Chief Executive Officer of the Alternative Bank, Mr Hassan Yusuf, Mrs Ugonwa Ikegwuonu, the bank’s Head of Agric Finance, described the trials as a milestone for Nigeria’s livestock sector.

 “This is a breakthrough moment. Alfalfa can redefine livestock farming and secure Nigeria’s food future.

“Seeing students, researchers, and farmers interact around the trials proves the value of this partnership. PLASU has advanced the science and also created a model of how academia and financial institutions can collaborate to deliver sustainable agricultural solutions.

“This milestone strengthens our resolve and reinforces our mission to invest in initiatives that create widescale opportunities and foster economic resilience ,” said Yusuf.

In his remarks, the Vice-Chancellor of PLASU,    Prof. Shedrack  Best, represented by The Deputy Vice Chancellor, Administration, Associate Prof. Keziah Ayuba, commended The Alternative Bank for its pioneering support.

He noted that the project has positioned the university as a hub for agricultural innovation in Nigeria.

He added that the project would equip students with valuable field experience, exposing them to opportunities for entrepreneurship in agriculture, and giving the institution greater visibility on the national stage.

Also, the herders’ community at the event expressed gratitude for being recognised and pledged their support for the initiative.

The Plateau State Government, represented by the Commissioner for Agriculture,  Dr Sunday Akpa, applauded the collaboration and affirmed the state government’s readiness to scale up the project across all 17 local governments as a pathway to unlocking the vast potential of the livestock value chain, enhancing rural livelihoods, and strengthening food security in the state.

The Alfalfa initiative remains a key part of The Alternative Bank’s broader strategy to support agricultural value chains and university-led agribusiness innovations.

By investing in research-driven projects with commercial potential, the bank continues to demonstrate its commitment to regenerative agriculture, non-interest financing solutions, and sustainable development across Nigeria.

The Alternative Bank (AltBank) has signed a US$15 million Murabaha financing deal with the Islamic Trade Finance Corporation (ITFC).

The deal was signed with Sterling Bank

Limited and The Alternative Bank as the Executing Agency at the Annual Meetings of the Islamic Development Bank Group in Algiers, Algeria.

In a statement, The Alternative Bank Group Executive, Dr. Jekwu Ozoemene, said: “This is more than a financing deal. It is a statement of confidence in Nigeria’s growing

non-interest financial ecosystem.

“With this partnership, we are unlocking vital funding that empowers our partners and reinforces our role as catalysts for ethical and inclusive financial solutions across the country.”

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The bank’s Group Head, Structured Trade and Commodities Finance, Gbenga Awe, added: “This facility from the ITFC expands our capacity to support the real sector, particularly in trade and commodities financing where ethical and sustainable financing has proven to be transformative. It brings us one step closer to creating a more resilient economic landscape in Nigeria.”

 The Alternative Bank has established itself as a trusted partner in Nigeria’s trade and commodities finance space, delivering tailored non-interest financial instruments to agribusinesses, cooperatives, and SMEs. This new financing line will further enhance the bank’s capacity to offer timely, scalable solutions that support critical sectors particularly agriculture, solid minerals, and export-oriented enterprises.

By deepening access to international trade finance, AltBank is not only supporting Nigeria’s macroeconomic goals but also redefining how ethical finance can serve as a cornerstone for inclusive prosperity.

With this partnership, AltBank is also positioned to expand its reach and offer more innovative, ethically grounded solutions that fuel job creation, enhance food security, and accelerate Nigeria’s integration into global value chains.

The Alternative Bank (Altbank) has launched a new campaign aimed at enabling users to earn gold by transacting through its digital platform.

The campaign, tagged Altbank Gold Rewards, which will run until the end of the year, aims to promote the adoption of the bank’s mobile app, while rewarding users with tokenised gold (small units of real gold, stored digitally in the app) for performing routine financial transactions.

For every interbank transfer made through the Altbank app, users would receive one gold token, equivalent to 25 micrograms of gold.

These would accumulate in the user’s in-app wallet and could be liquidated into naira at the prevailing market rate for gold on the day of liquidation.

It is an unusual proposition in a market dominated by airtime giveaways, cashback offers, and discounts.

According to a member of the bank’s Media Team, Donatus Okpako, the initiative is part of its strategy to attract users who are looking for more value.

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The bank’s Director, Digital Business and Innovations, Mohammed Yunusa, added: “This is not your typical loyalty programme. We are literally putting real value in the hands of our users, one transfer at a time. The goal is to create a direct, tangible benefit for simple actions people are already doing, sending money.”

Also, the app allows users to send and receive funds, pay bills, purchase airtime and data, and request both virtual and physical debit cards.

One of its most notable features is the provision of interest-free financing of up to ₦500,000, along with free Takaful insurance for new customers.

The insurance covers gadgets, vehicles, and medical costs, activated simply by carrying out basic transactions on the platform.

The campaign is structured to be as seamless as possible. Once the app, which is available

on Google Play Store and Apple App Store is downloaded, customers can begin to

earn gold tokens with each interbank transfer.

This initiative introduces a new dynamic to the banking space: turning routine transactions into an investment.

The Alternative Bank, Nigeria’s leading non-interest financial institution, is set to reshape the banking landscape with its upcoming Customer Forum in Ilorin, Kwara State,  with the theme: Banking Differently.

This event follows the success of previous forums in Abuja and Kaduna, where the bank engaged in direct dialogue with customers, collating live feedback to shape its product and service offerings.

Executive Director of Retail South, Korede Demola-Adeniyi, affirmed, “Banking differently means putting our customers at the centre of everything we do. It is about leveraging technology, ethical banking principles, and personalised service to create an unparalleled banking experience. The Customer Forum is one of the many ways we connect with our customers, listen to their needs, and ensure our services exceed their expectations.’’

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The Ilorin Customer Forum will be a dynamic platform for customers to interact with the bank, explore innovative products and services, and provide valuable feedback. A highlight of the event will be the showcase of the AltBank app, demonstrating the bank’s commitment to utilising cutting-edge technology for an enhanced customer experience.

Attendees can explore AltBank’s bouquet of offerings, including on-the-spot shopping with AltMall, accessible financing via the Alt Bank app, and exclusive discounts from Althaven, alongside standard attractions such as product stands, panel discussions, and networking opportunities.

The Alternative Bank remains committed to promoting entrepreneurship and economic growth. By prioritizing customer needs and innovation, the bank is redefining the financial landscape and setting a new standard for ethical banking.