As part of its efforts to drive financial inclusion in the country, particularly among the underserved, The Alternative Bank, through Sterling Financial Holdings Company, is partnering with the Association of Market Women/Men and Farmers of Nigeria (AMWMF) to address the challenges faced by millions of market women, men, and farmers who have long been excluded from formal banking systems.
According to data from the Central Bank of Nigeria (CBN), approximately 26 per cent of Nigerian adults—about 28.8 million people—are still financially excluded. The problem largely affects rural communities and informal sector workers. The bank said it is working to change this by making essential financial services accessible to these groups, particularly women.
Through the 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 various banking services, including zero-fee accounts, microloans, and SME funding, to foster business growth and financial independence.
Speaking on the role of banks in supporting grassroots financial inclusion, Korede Demola-Adeniyi, executive director at The Alternative Bank, said, “To adequately bridge the financial inclusion gap, financial institutions must continue to devote resources to 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 programmes 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.”
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 is 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 year. It has already 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 organisation’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 exploring innovative solutions to meet grassroots entrepreneurs’ diverse and evolving needs. 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 its waste-to-wealth programme, which enables participants to convert waste materials into viable income-generating ventures.
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