The Alternative Bank Expands To Ondo, Unveils Tailored Financing To Boost Agriculture, SMEs
By Rashidat Olushola Okunlade
The Alternative Bank (AltBank) has strengthened its nationwide expansion strategy with the official launch of a new branch in Ondo State, reaffirming its commitment to ethical banking and inclusive economic growth across Nigeria.
With Ondo State’s economy largely driven by agriculture particularly cocoa production, poultry farming, and other cash crops alongside a growing SME and trade sector, the Bank is rolling out sector-specific financing solutions aligned with these strengths.
These include production financing, facility expansion support, machinery leasing, and structured trade facilities under joint venture and cost-plus financing models.
Commodity trade cycles of up to 180 days, as well as longer-term asset financing for infrastructure and equipment, are also part of the offering.
To further support export-oriented agribusinesses, AltBank will provide Letters of Credit and commodity-backed trade finance, enabling local producers to scale beyond regional markets. Small and medium-sized enterprises will benefit from enhanced payment systems, asset financing for inventory and equipment, and supply chain-backed facilities designed to improve working capital without reliance on interest-based debt structures.
Speaking at the launch, Korede Demola-Adeniyi, Executive Director, Commercial and Institutional Banking (Lagos and South West), praised the Ondo State Government’s leadership and highlighted the Bank’s long-term vision for the state.
“As Ondo State marks its next phase of development, The Alternative Bank is positioned to serve as a financial catalyst for sustainable growth. We are here to fund real economic activity supporting farms, factories, and businesses across the state,” she said.
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.
In his remarks, the Governor emphasized the critical role of financial institutions in economic development.
“Financial institutions are vital to economic growth, providing access to capital, supporting SMEs, and encouraging savings.
The presence of The Alternative Bank in Ondo State will deepen financial inclusion, create jobs, and stimulate economic activities across key sectors,” he stated.
The Alternative Bank has grown into a leading national non-interest bank with over 170 locations nationwide, deploying capital to address real-sector challenges.
Its initiatives include the Mata Zalla project, which has trained hundreds of women as electric tricycle drivers and mechanics, as well as agricultural programmes in Plateau State aimed at boosting livestock production and enhancing national economic security.
The event attracted prominent industry leaders and community stakeholders, including traditional rulers, agribusiness executives, and religious leaders. Among them were representatives of the Deji of Akure Kingdom, agribusiness leaders, and members of farmers’ associations.
Also speaking, the Grand Imam of Akure Kingdom, Sheikh Dr. Abdulhakeem Yayi Akorede Albarka, commended the Bank’s expansion, noting that it would enhance financial inclusion, stimulate economic growth, and create employment opportunities.
He urged the institution to maintain transparency, integrity, and fairness in its operations.
The Bank’s presence in Ondo aligns with its broader mission to deliver innovative, non-interest banking solutions across key sectors Healthcare, Education, Agriculture, Renewable Energy, and Transportation (H.E.A.R.T.). By aligning its offerings with local economic priorities, AltBank aims to drive sustainable development and shared prosperity across Nigeria.
