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The Alternative Bank has ramped up its efforts to promote economic empowerment and financial inclusion for market traders and smallholder farmers across the country.
With a focus on improving access to banking services, the Bank is providing critical financial support to some of Nigeria’s most underserved communities.
The initiative, undertaken through an agreement between Sterling Financial Holdings Company and the Association of Market Women/Men and Farmers of Nigeria (AMWMF), aims to address the challenges faced by millions of market women, men, and farmers who have long been excluded from formal banking systems.
According to the Central Bank of Nigeria, approximately 26 per cent of Nigerian adults, or about 28.8 million people, remain financially excluded, with rural communities and informal sector workers being particularly affected. is working to change this by making essential financial services accessible to these groups, particularly women.
Through this new 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 access to a range of banking services, including zero-fee accounts, microloans, and SME funding, aimed at fostering business growth and financial independence.
Sharing her thoughts on the role of banks in supporting grassroots financial inclusion, the Executive Director at The Alternative Bank, Korede Demola-Adeniyi in a statement said, “To adequately bridge the financial inclusion gap, financial institutions must continue to devote resources towards 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 programs 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.”
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