The Alternative Bank, under Sterling Financial Holdings Company, has partnered with the Association of Market Women/Men and Farmers of Nigeria (AMWMF) to expand banking access to millions of underserved Nigerians.

According to the Central Bank of Nigeria (CBN), approximately 28.8 million Nigerian adults, or about 26 per cent, remain financially excluded, with rural dwellers and informal sector workers most affected. 

This new partnership seeks to change that by making essential banking services available to over 16 million members of AMWMF, with a strong focus on women.

The initiative offers zero-fee accounts, microloans, SME funding, financial literacy training, and personalised business support. Vendors will also enjoy no initial fees for point-of-sale (POS) terminals, enabling easier adoption of electronic payments.

Korede Demola-Adeniyi, Executive Director at The Alternative Bank, emphasised the need to break down long-standing barriers such as lack of trust, financial illiteracy, and systemic exclusion from mainstream banking. 

She noted that tailored solutions and simplified access to banking could unlock the potential of grassroots entrepreneurs and stimulate economic growth.

The programme, which launched in Oyo State, will roll out to 15 other states across Nigeria. AMWMF National President, Erelu Dr Becky Olubukola, hailed the partnership as a critical step towards empowering members and fostering local economic development.

Beyond financial services, The Alternative Bank is introducing innovative support, including electric-powered tricycles for goods transportation, health and medical kiosks in underserved areas, and a waste-to-wealth programme that converts waste into income-generating ventures.

Source: Leadership