The Alternative Bank Targets Women, Men, and Farmers with National
Financial Inclusion, Entrepreneurship Drive

Post by Supreme International Magazine 

The Alternative Bank, one of Nigeria’s leading non-interest banks, 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.
The initiative, undertaken through an agreement between Sterling Financial Holdings
Company and the Association of Market Women/Men and Farmers of Nigeria
(AMWMF), aims to address the challenges faced by millions of market women, men,
and farmers who have long been excluded from formal banking systems. According
to the Central Bank of Nigeria, 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 is opening 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.
Korede Demola-Adeniyi, Executive Director at The Alternative Bank, shared her
thoughts on the role of banks in supporting grassroots financial inclusion, 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 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 is also supporting 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. Erelu Dr. Becky Olubukola, the National President

of the Association, 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.

In addition to banking services, The Alternative Bank is also exploring innovative

solutions to meet the diverse and evolving needs of grassroots entrepreneurs. This

includes the deployment of electric-powered tricycles for market vendors to help with

the transportation of goods and the introduction of health and medical kiosks in

underserved areas to improve access to basic healthcare. Furthermore, the Bank is

committed to creating wealth for the Association’s members through initiatives like its

waste-to-wealth program, which enables participants to convert waste materials into

viable income-generating ventures.

About 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

customers/partners. In July 2023, the Central Bank of Nigeria issued a Banking License to 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,

please visit www.altbank.ng