The Alternative Bank (AltBank) has officially launched a new branch in Ondo State, to deepen ethical finance and economic growth across Nigeria.

The commissioning ceremony was led by the Executive Governor of Ondo State, His Excellency, Dr. Lucky Orimisan Aiyedatiwa, represented by the Chief of Staff, Prince Olusegun Omojuwa. 

The Governor highlighted the importance of financial institutions in economic development, noting that AltBank’s presence would create employment and stimulate activities across various sectors.

With Ondo’s economy anchored on agriculture, AltBank deployed sector-specific financing solutions for cocoa aggregators, processors, and poultry operators. 

The Bank provided production financing, machinery lease structures, and structured trade facilities under joint venture models. 

These offerings included transaction cycles of up to 180 days for commodity trades and longer-term asset financing for infrastructure.

Korede Demola-Adeniyi, Executive Director at AltBank, outlined the institution’s long-term vision during the event. 

“As Ondo State steps into its next fifty years, 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 said.

The Bank also introduced support for export-oriented agribusinesses through Letters of Credit and commodity-backed trade finance. 

For SMEs, it launched payment rails and supply chain facilities designed to strengthen working capital without the use of interest-based debt cycles.

AltBank has emerged as a major national non-interest bank with a network exceeding 170 locations. 

The institution has previously deployed capital for real-world challenges, such as the Mata Zalla project for female electric tricycle drivers and livestock production programmes in Plateau State.

Community leaders, including the Grand Imam of Akure, Dr. Abdulhakeem Yayi Akorede, commended the expansion. 

He emphasised that non-interest banking would boost transparency and financial inclusion within the state. 

The event drew various captains of industry, including representatives from the Cocoa Farmers Alliance Association of Africa (COFAAA) and the Poultry Farmers Association.

Source: Daily Champion