workers being particularly affected. is working to change this by making essential
Korede Demola-Adeniyi, Executive Director at The Alternative Bank, shared her
Company and the Association of Market Women/Menand Farmers of Nigeria
financial independence. and smallholder farmers across the country. With a focus on improving access to The initiative, undertaken through an agreement between Sterling Financial Holdings
most underserved communities.
provide members with access to a range of banking services, including zero-fee
efforts to promote economic empowerment and financial inclusion for market traders
(AMWMF),aims to address the challenges faced by millions of market women, men,
The Alternative Bank, one of Nigeria’s leading non-interestbanks, has ramped up its services for over 16 million members of the AMWMF.The collaboration is designed to thoughts on therole of banks in supporting grassroots financial inclusion, saying,”To Through this new initiative, The Alternative Bank is opening access to formal financial accounts, microloans, and SME funding, aimed at fostering business growth and Financial Inclusion, Entrepreneurship Drive million people, remain financially excluded, with rural communities and informal sector banking services, the Bank is providing critical financial support to some of Nigeria’s to the Central Bank of Nigeria, approximately 26% of Nigerian adults, or about 28.8 financial services accessible to these groups, particularly women. And farmers who have long been excluded from formal banking systems. According adequately bridgethe financial inclusion gap, financial institutions must continue to evolve resources towards removing the barriers that have historically hindered large
The Alternative Bank, the association could vastly expand opportunities for its underserved areas to improve access to basic healthcare. Furthermore, the Bank is
their financial futures. We believe that by simplifying access to financial services and
support from AMWMF’s leadership.Erelu Dr. Becky Olubukola, the National President association’s vision of creating an environment where every member has the
addressing these long-standing obstacles, we can unlock the potential of millions of
Recognising education as a key factor in the country’s financial literacy gap, The of the Association, praised the collaboration as a crucial step towards realising the segments of our population. For the unbanked and underbanked, the challenges go Alternative Bankis offering the Association’s members access to financial literacy training and personalised business support, aimed at empowering themwith the tailored solutions and championingprograms that empower people to take control of
The drive, which began in Oyo State, will extend to 15 other states across Nigeria’s
(POS) terminals to vendors, making it easier for them to accept electronic payments.
geopolitical zones throughout the course of the yearandhas since received strong
financial illiteracy, and systemic exclusion from mainstream financial services.
solutions to meet the diverse and evolving needs of grassroots entrepreneurs. This
knowledge and skills to manage and grow their finances effectively. In addition, the
opportunity to thrive. She emphasised that, by working with financial institutions like
members and help drive local economic development. Grassroots entrepreneurs and contribute to broader economic growth.”
beyond the lack of physical infrastructure and extend to deeper issues of trust,
“At The Alternative Bank, we are committed to breaking these barriers by offering
Bank is also supporting business growthby offering no initial fees for point-of-sale
the transportation of goods and the introduction of health and medical kiosks in committed to creating wealth for the Association’s members through initiatives like its
includes the deployment of electric-powered tricycles for market vendors to help with waste-to-wealth program, which enables participants to convert waste materials into
In addition to banking services, The Alternative Bankis also exploring innovative viable income-generating ventures.
About The Alternative Bank
enabling it to operate as a fully-fledged, standalone bank. Guided by its Advisory Committee of Experts (ACE), The
Alternative Bank ensures all its operations align with the ethics of Non-Interest Banking. For more information,
customers/partners. In July 2023, the Central Bank of Nigeria issued a Banking License to The Alternative Bank,
The Alternative Bank commenced its journey in January 2014 as a non-interest banking window in Sterling, with a
vision to create a dynamic banking experience that respects individuality
and speaks the language of its
please visit www.altbank.ng.