The Alternative Bank (AltBank) has said it is at the forefront of driving sustainable economic growth in Africa through its catalytic capital approach.
The bank stated that the innovative financial model was prominently featured at the recent Africa Social Impact Summit (ASIS) 2024, hosted by Sterling One Foundation and the United Nations.
According to the bank, Catalytic capital, prioritising social and environmental impact alongside financial returns, is deeply ingrained in The Alternative Bank’s ethos adding that the bank’s interest-free financing model aligns perfectly with these principles, ensuring investments not only generate profits but also contribute to societal well-being. This approach was a cornerstone of the discussions at ASIS 2024.
The summit, themed “Reimagining Progress: A New Blueprint for Sustainable Growth in Africa,” brought together influential figures from both public and private sectors.
Deputy governor of Lagos State, Obafemi Hamzat, representing Governor Babajide Sanwo-Olu, emphasised the critical role of catalytic capital in driving sustainable development.
“ASIS 2024 must catalyse collaboration and action towards sustainable development in Africa. Public-private partnerships, fuelled by catalytic capital, are essential for attracting impactful investments,” Hamzat remarked.
Korede Demola-Adeniyi, Executive Director-South of AltBank, highlighted the transformative power of catalytic capital through flagship projects such as the Lagos Rice Mill and electric transportation for women in Kano.
Sterling One Foundation CEO, Olapeju Ibekwe, outlined the summit’s goals, stating, “ASIS aims to build and scale partnerships, attract increased impact investment, and advocate for supportive policies.”
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