AltBank Targets Underserved Households, SMEs Through Expanded Access

The Alternative Bank (AltBank) is targeting underserved households and small and medium enterprises (SMEs) through expanded access to non-interest banking services, beginning with its new branch in Gwarinpa, Abuja.

The branch, formally commissioned in the presence of traditional rulers, government officials, institutional partners and community members, is part of the bank’s broader expansion from more than 130 locations towards a target of 500.

The opening included discussions on financial inclusion, agriculture, renewable energy, youth enterprise, Hajj savings and rural banking access.

The bank’s executive director, North-Central, South-East and South-South, Garba Mohammed, said Gwarinpa’s population and economic activity made the district an important location for the bank.

He said the bank’s expansion aims to move capital closer to people and businesses that may struggle to access conventional financing.

“That is why we have this model of banking that requires us to look around, share and spread capital all around by way of partnership and financial inclusion,” Mohammed said.

He linked wider economic access to the fight against poverty.

“Violence and poverty — poverty is the root cause of violence. When people are hungry, they become angry,” Mohammed said.

The new branch will offer products including Alt Power, Alternative Bank’s renewable energy financing product.

Mohammed said the bank finances renewable energy installations for homes and allows customers to repay the cost over an agreed period.

Agriculture was also discussed at the launch.

Executive director, Technical, NIRSAL Plc, Simisola Ojumu, said NIRSAL’s partnership with Alternative Bank aims to deepen financing for farmers, processors and agribusinesses.

Ojumu noted Alternative Bank’s expansion from more than 130 locations towards a target of 500.

NAHCON executive chairman Ambassador Ismail Abba Yusuf said the Gwarinpa branch would give prospective pilgrims easier access to services linked to the Hajj savings scheme.

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.

He said 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, said residents also need 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 expectations for the new location: to bring financing closer to households, businesses and sectors that need it.