By Olusegun Obisanya
The Alternative Bank (AltBank) has expanded its national footprint with the inauguration of a new branch in Akure, Ondo State, pledging to deploy ethical, non-interest financing to unlock the state’s vast agricultural and enterprise potential.
At a well-attended commissioning ceremony, the bank signalled a strategic entry into one of Nigeria’s foremost agrarian economies, outlining tailored financing models designed to strengthen cocoa production, poultry farming, export trade and small and medium-scale enterprises (SMEs).
Ondo State’s economy is largely anchored on agriculture, particularly cocoa cultivation and poultry, alongside a vibrant SME and trading ecosystem. Leveraging these strengths, AltBank said it would provide production financing for cocoa aggregators and processors, expansion support for poultry operators, machinery lease structures, and structured trade facilities under its joint venture and cost-plus financing models.
The bank, in a statement, disclosed that its commodity trade facilities would run transaction cycles of up to 180 days, while longer-tenure structured asset financing would support equipment acquisition and infrastructure development.
Speaking at the event, Executive Director, Commercial and Institutional Banking (Lagos and South West), Korede Demola-Adeniyi, said the bank’s presence in Ondo goes beyond symbolic expansion.
“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,” she said.
Demola-Adeniyi added: “We didn’t come to Akure to hang banners. We came to fund work, farms, shops and factories.”
Governor of Ondo State, Dr. Lucky Aiyedatiwa, who was represented by his Chief of Staff, Prince Olusegun Omojuwa, underscored the critical role of financial institutions in economic transformation.
“The pivotal role of financial institutions to economic growth and development of any economy cannot be over-emphasised. It provides access to capital, supports small and medium-scale enterprises and encourages 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.
Beyond agriculture, the financial institution said it would support export-oriented agribusinesses through Letters of Credit and commodity-backed trade finance to enable local producers scale beyond state borders. SMEs will also benefit from enhanced payment solutions, asset financing for equipment and inventory, and supply chain-backed facilities structured to strengthen working capital without exposure to interest-based debt cycles.
The bank, which now operates in over 170 locations nationwide, has positioned itself as a leading non-interest financial institution. It highlighted impact-driven initiatives such as the Mata Zalla project, which trained hundreds of women as electric tricycle drivers and mechanics, as well as its agricultural programme in Plateau State aimed at boosting large-scale livestock production and strengthening national food security.
Dignitaries at the event included the Deji of Akure Kingdom, Oba Aladetoyinbo Ogunlade Aladelusi, represented by High Chief Fulani Folorunsho; Managing Director of JohnVents, Caroline Omotosho; Global President and Founder of Cocoa Farmers Alliance Association of Africa (COFAAA), Adeola Adegoke; Deputy Managing Director of AgroTraders Limited, Taiwo Ayoade; Chairman of the Poultry Farmers Association, Oluleye Gideon; and the Grand Imam of Akure Kingdom, Sheikh Dr. Abdulhakeem Yayi Akorede Albarka.
The Grand Imam commended the bank’s expansion, noting that non-interest banking would promote transparency, fairness and community-focused financial services.
By aligning its offerings across Healthcare, Education, Agriculture, Renewable Energy and Transportation (H.E.A.R.T.) with local development priorities, AltBank said it aims to serve as a catalyst for sustainable growth and shared prosperity in Ondo State and beyond.
