L-R: High Chief Fulani Folorunsho; Korede Demola-Adeniyi, Executive Director, Commercial and Institutional Banking (CIB), Lagos and South West, The Alternative Bank, and Prince Olusegun Omojuwa, Chief of Staff to the Ondo State Government at the launch of The Alternative Bank presence in Akure, Ondo… recently.
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 overemphasized. 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.
For more information on the Alternative Bank’s suite of offerings, please visit
www.altbank.ng.
About The Alternative Bank
The Alternative Bank commenced its journey in January 2014 as a non-interest banking window in Sterling, with a vision to create a dynamic banking experience that respects individuality and speaks the language of its customers/partners. In July 2023, the Central Bank of Nigeria issued a Banking License to The Alternative Bank, enabling it to operate as a fully-fledged, standalone bank. Guided by its Advisory Committee of Experts (ACE), The Alternative Bank ensures all its operations align with the ethics of Non-Interest Banking. For more information, please visit www.altbank.ng.
