The Alternative Bank (AltBank) has continued its national expansion drive with the
official launch of a new branch in Ondo State, reinforcing its commitment to
deepening ethical finance and driving inclusive economic growth across Nigeria.
With Ondo State’s economy anchored largely on agriculture, particularly cocoa
production, poultry farming, and other cash crops, alongside a growing SME and
trade ecosystem, AltBank is deploying sector specific financing solutions tailored to
these strengths. For cocoa aggregators, processors and poultry operators, the Bank
will provide production financing, facility expansion support, machinery lease
structures, and structured trade facilities under its joint venture and cost-plus
financing models, with transaction cycles of up to 180 days for commodity trades and
longer-term structured asset financing for equipment and infrastructure.
In addition, AltBank will support export-oriented agribusinesses through Letters of
Credit and commodity backed trade finance, ensuring that local producers can scale
beyond state borders. For SMEs, the Bank is introducing robust payment rails, asset
financing for equipment and inventory, and supply chain backed facilities that
strengthen working capital without trapping businesses in interest-based debt cycles.
In her remarks, Korede Demola-Adeniyi, Executive Director, Commercial and
Institutional Banking (Lagos and South West) at The Alternative Bank, commended
the state government’s leadership and outlined the Bank’s long-term vision for Ondo
State. “As Ondo State steps into its next fifty years, and into the future anchored on
the sustainable development championed during the recent anniversary
celebrations, The Alternative Bank is here to be the financial engine for that vision.”
“We didn’t come to Akure to hang banners. We came to fund work, farms, shops,
and factories,” she added.
The commissioning ceremony was headlined by the Executive Governor of Ondo
State, His Excellency, Dr. Lucky Orimisan Aiyedatiwa, represented by the Chief of
Staff to the State Government, Prince Olusegun Omojuwa. In his speech, the
Governor underscored the importance of financial institutions in economic
development.
“The pivotal role of financial institutions to economic growth and development of any
economy cannot be overemphasised. It provides access to capital, supporting small
and medium-scale enterprises and encouraging savings. Therefore, I have no doubt
in my mind that the presence of The Alternative Bank in Ondo State will deepen
financial services, create employment opportunities and stimulate economic activities
across various sectors,” he said.
The Alternative Bank has emerged as a national non-interest bank with a physical
network now surpassing 170 locations, deploying capital to solve real-world
challenges through initiatives such as the Mata Zalla project, which saw to the
training of hundreds of women as electric tricycle drivers and mechanics. Through its
agricultural programme in Plateau, the Bank has introduced a pathway to boosting
widescale livestock production designed to secure economic futures and advance
Nigeria’s national security objectives.
The event also drew captains of industry and community leaders including His Royal
Majesty, Oba Aladetoyinbo Ogunlade Aladelusi, Odundun II, The Deji of Akure
Kingdom, represented by High Chief Fulani Folorunsho; Caroline Omotosho,
Managing Director of JohnVents; Adeola Adegoke, Global President and Founder,
Cocoa Farmers Alliance Association of Africa (COFAAA); Taiwo Ayoade, Deputy
Managing Director, AgroTraders Limited; Oluleye Gideon, Chairman, Poultry
Farmers Association; Sheikh Dr. Abdulhakeem Yayi Akorede Albarka JP, Grand
Imam of Akure Kingdom, and more.
Dr. Akorede commended the Bank’s expansion, noting that its presence would boost
economic growth, financial inclusion and job creation within the community. He
emphasised the importance of non-interest banking in deepening transparency and
community focused services, urging the institution to operate with integrity and
fairness.
AltBan’s presence in Ondo strengthens its mission to provide innovative banking
solutions tailored to individuals, SMEs and corporate institutions. By aligning its
offerings across Healthcare, Education, Agriculture, Renewable Energy, and
Transportation (H.E.A.R.T.) with local priorities such as entrepreneurship and
infrastructure development, the Bank aims to serve as a catalyst for sustainable
growth and shared prosperity in Nigeria.
