By Stanley Onyeka, Lagos
The Alternative Bank, a non-interest bank, has ramped up its efforts to promote economic empowerment and financial inclusion for market traders and smallholder farmers across the country.
With a focus on improving access to banking services, the Bank is providing critical financial support to some of Nigeria’s most underserved communities, it said in a statement.
The initiative, it said, is undertaken through an agreement between Sterling Financial Holdings Company and the Association of Market Women/Men and Farmers of Nigeria (AMWMF).
It aims to address the challenges faced by millions of market women, men, and farmers who have long been excluded from formal banking systems, it added.
According to the Central Bank of Nigeria (CBN), approximately 26% of Nigerian adults, or about 28.8 million people, remain financially excluded, with rural communities and informal sector workers being particularly affected. is working to change this by making essential financial services accessible to these groups, particularly women.
Through this new initiative, The Alternative Bank hopes to open access to formal financial services for over 16 million members of the AMWMF.
The collaboration is designed to provide members with access to a range of banking services, including zero-fee accounts, microloans, and SME funding, aimed at fostering business growth and financial independence.
For the unbanked and underbanked, the challenges go beyond the lack of physical infrastructure and extend to deeper issues of trust, financial illiteracy, and systemic exclusion from mainstream financial services.
Executive Director at The Alternative Bank, Korede Demola-Adeniyi, was quoted as saying: “To adequately bridge the financial inclusion gap, financial institutions must continue to devote resources towards removing the barriers that have historically hindered large segments of our population.
“For the unbanked and underbanked, the challenges go beyond the lack of physical infrastructure and extend to deeper issues of trust, financial illiteracy, and systemic exclusion from mainstream financial services.
“At The Alternative Bank, we are committed to breaking these barriers by offering tailored solutions and championing programs that empower people to take control of their financial futures.
“We believe that by simplifying access to financial services and addressing these long-standing obstacles, we can unlock the potential of millions of grassroots entrepreneurs and contribute to broader economic growth.”
Recognising education as a key factor in the country’s financial literacy gap, The Alternative Bank said it is offering the Association’s members access to financial literacy training and personalised business support, aimed at empowering them with the knowledge and skills to manage and grow their finances effectively.
In addition, the Bank promised to support business growth by offering no initial fees for point-of-sale (POS) terminals to vendors, making it easier for them to accept electronic payments.
The drive, which began in Oyo State, will extend to 15 other states across Nigeria’s geopolitical zones throughout the course of the year and has since received strong support from AMWMF’s leadership.
National President, the Association, Dr. Becky Olubukola, was said to have praised the collaboration as a crucial step towards realising the association’s vision of creating an environment where every member has the opportunity to thrive.
She emphasised that, by working with financial institutions like The Alternative Bank, the association could vastly expand opportunities for its members and help drive local economic development.
