The Alternative Bank, one of Nigeria’s non-interest financial institutions, has entered into a partnership with the Association of Market Women/Men and Farmers of Nigeria (AMWMF) to boost economic empowerment and expand financial inclusion for millions of grassroots entrepreneurs across the country.
The initiative, launched in collaboration with Sterling Financial Holdings Company, is designed to address the persistent challenges faced by market traders and smallholder farmers, particularly in rural and underserved areas.
The Central Bank of Nigeria (CBN) estimates that about 26 per cent of Nigerian adults—approximately 28.8 million people—remain financially excluded, with the informal sector and women among the most affected groups.
Under the agreement, over 16 million members of the AMWMF will gain access to formal banking services for the first time, including zero-fee accounts, microloans, and small and medium enterprise (SME) funding.
The programme also offers financial literacy training and personalised business support to help participants build sustainable livelihoods, alongside incentives such as no initial fees for point-of-sale (POS) terminals to ease the adoption of cashless transactions.
An Executive Director at The Alternative Bank, Korede Demola-Adeniyi, underscored the institution’s commitment to tackling systemic barriers that limit financial participation.
“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”, he said.
The initiative began in Oyo State and will be rolled out to 15 additional states across Nigeria’s six geopolitical zones within the year.
AMWMF’s National President, Erelu Dr. Becky Olubukola, welcomed the collaboration as a “transformative step” towards creating an enabling environment for market women, men, and farmers to thrive.
She noted that such partnerships could significantly enhance members’ economic prospects and stimulate local development.
In addition to banking solutions, the bank is introducing innovative tools to address broader socioeconomic needs.
These include the deployment of electric-powered tricycles to assist vendors in transporting goods, installation of health and medical kiosks in underserved communities, and implementation of a waste-to-wealth program that enables members to convert recyclable waste into profitable ventures.
