The Alternative Bank, also known as AltBank, has officially opened a new branch in Gwarinpa, Abuja, as part of its expansion plan to reach more underserved households and small and medium enterprises (SMEs). The branch was commissioned in the presence of traditional rulers, government officials, and community members. This move is part of the bank's strategy to increase its presence from over 130 locations to a target of 500.
The new branch will offer a range of non-interest banking services, including Alt Power, a renewable energy financing product. This product allows customers to finance renewable energy installations for their homes and repay the cost over an agreed period. The bank's executive director, Garba Mohammed, emphasized that the expansion aims to bring capital closer to people and businesses that may struggle to access conventional financing.
The launch of the new branch included discussions on various topics, including financial inclusion, agriculture, renewable energy, youth enterprise, Hajj savings, and rural banking access. The bank's expansion is seen as a step towards promoting financial inclusion and reducing poverty. Mohammed linked wider economic access to the fight against poverty, stating that poverty is a root cause of violence.
The bank has partnered with NIRSAL Plc to deepen financing for farmers, processors, and agribusinesses. Simisola Ojumu, executive director of NIRSAL, noted that Alternative Bank's expansion aligns with NIRSAL's goals. The partnership aims to provide more financing options for the agricultural sector.
The new branch is also expected to provide easier access to services linked to the Hajj savings scheme for prospective pilgrims. NAHCON executive chairman Ambassador Ismail Abba Yusuf commended the bank for its efforts to bring financial services closer to the people.
The Emir of Nasarawa, HRH Ibrahim Usman Jibril, welcomed the expansion but challenged the bank to extend future services into semi-urban and rural communities. Many Nigerians still live far from formal banking services and often carry substantial amounts of cash to local markets. The Hakimi of Gwarinpa District, Prince Umar Bayero, also emphasized the need for financing for farming, youth enterprise, and small businesses.
The Federal Ministry of Environment used the launch to call for greater bank financing of renewable energy, waste management, climate-smart businesses, and other green projects. The event highlighted the expectations for the new location: to bring financing closer to households, businesses, and sectors that need it. The bank's expansion is seen as a positive step towards promoting economic growth and development in Nigeria.
Key points
- AltBank aims to increase its presence from over 130 locations to a target of 500.
- The bank offers a range of non-interest banking services, including Alt Power, a renewable energy financing product.
- The expansion is part of the bank's strategy to promote financial inclusion and reduce poverty.
