AltBank Tackles MSMEs’ Credit Barrier With 300 Free PoS Units

Digital banking innovator, The Alternative Bank (AltBank), has launched a bold initiative to break down credit access hurdles for micro, small, and medium enterprises (MSMEs), distributing 300 free Point-of-Sale (POS) terminals to selected businesses operating across trade, retail, and service clusters.

The AltBank said the distribution, done at the 47th Kaduna International Trade Fair, is aimed at strengthening its support for MSMEs by addressing one of the most persistent barriers to business growth—cash friction, missed transfers, delayed payments, weak transaction records, and limited credit history.

The initiative is designed to help merchants transition more quickly to traceable digital payments.

Speaking at the event, the executive director, Commercial and Institutional Banking (South and Central) at The Alternative Bank, Garba Mohammed, stressed the need for practical interventions that enable small businesses to operate efficiently and build sustainable growth pathways.

Addressing business leaders, entrepreneurs, traders, members of the Kaduna Chamber of Commerce, Industry, Mines and Agriculture (KADCCIMA), and government officials at the Kaduna International Trade Fair Complex, Mohammed—represented by Solomon Okonkwo, AltBank’s Head of Corporate Social Investment—noted that while policy reforms provide direction, real economic progress occurs when businesses gain access to structured financial systems and modern payment infrastructure.

“Reforms set direction. But reforms alone are not results,” he said. “Results happen when MSMEs are formalised, transactions are traceable, and businesses can access finance without friction.”

He noted that MSMEs account for more than 96 per cent of businesses in Nigeria and employ over 80 percent of the workforce, yet access to finance and digital infrastructure remains a major constraint, particularly in Northern Nigeria.

As part of its trade fair participation, the Bank provided the POS devices at no cost to more than 300 MSMEs across key trade and service clusters, removing an immediate barrier to digital payment adoption. Beneficiaries were onboarded instantly and integrated into digital transaction systems designed to improve efficiency, reduce cash-handling risks, generate verifiable payment records, and strengthen their eligibility for future financing.

“An MSME that cannot accept digital payments is structurally limited. Our responsibility is not to make speeches about inclusion, but to provide the infrastructure that enables it,” Mohammed said.

He added: “The free POS terminal offering does not end at the Trade Fair complex. Eligible MSMEs can access the service at our branches in Kaduna and nationwide. Our goal is to remove bottlenecks that limit business growth and bring more entrepreneurs into the formal financial ecosystem.”

The Bank also commended KADCCIMA and the Kaduna State Government for sustaining a platform that promotes enterprise development and regional commerce, reaffirming its commitment to long-term partnership in support of MSMEs.

The Alternative Bank provides non-interest financial solutions aligned with real sector growth, including working capital and asset financing, trade and supply chain financing, digital banking infrastructure, investment partnerships, and advisory services tailored to MSMEs, corporates, and public institutions.

Its participation at the 47th Kaduna International Trade Fair underscores the Bank’s strategic focus on deepening financial inclusion, strengthening local enterprise capacity, and translating economic reforms into tangible outcomes for Nigerian businesses.