Yemisi Izuora
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% 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.
Korede Demola-Adeniyi, Executive Director at The Alternative Bank, shared her thoughts on the role of banks in supporting grassroots financial inclusion, saying, “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.”
Recognising education as a key factor in the country’s financial literacy gap, The Alternative Bank is offering the Association’s members access to financial literacy training and personalised business support, aimed at empowering them with the knowledge and skills to manage and grow their finances effectively. In addition, the Bank is also supporting business growth by offering no initial fees for point-of-sale (POS) terminals to vendors, making it easier for them to accept electronic payments.
The drive, which began in Oyo State, will extend to 15 other states across Nigeria’s geopolitical zones throughout the course of the year and has since received strong support from AMWMF’s leadership. Erelu Dr. Becky Olubukola, the National President of the Association, praised the collaboration as a crucial step towards realising the association’s vision of creating an environment where every member has the opportunity to thrive. She emphasised that, by working with financial institutions like The Alternative Bank, the association could vastly expand opportunities for its members and help drive local economic development.
In addition to banking services, The Alternative Bank is also exploring innovative solutions to meet the diverse and evolving needs of grassroots entrepreneurs. This includes the deployment of electric-powered tricycles for market vendors to help with the transportation of goods and the introduction of health and medical kiosks in underserved areas to improve access to basic healthcare. Furthermore, the Bank is committed to creating wealth for the Association’s members through initiatives like its waste-to-wealth program, which enables participants to convert waste materials into viable income-generating ventures.