The Alternative Bank (AltBank) has continued its national expansion drive with the official launch of a new branch in Ondo State, reinforcing its commitment to deepening ethical finance and driving inclusive economic growth across Nigeria.
The inauguration ceremony was headlined by the Executive Governor of Ondo State, His Excellency, Dr. Lucky Orimisan Aiyedatiwa, represented by the Chief of Staff to the State Government, Prince Olusegun Omojuwa.
Governor Aiyedatiwa underscored the importance of financial institutions in economic development.
“The pivotal role of financial institutions to economic growth and development of any economy cannot be overemphasised. It provides access to capital, supporting small and medium-scale enterprises and encouraging 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.
“The Alternative Bank’s focus on ethical banking, innovation, inclusive finance aligns with our vision of shared prosperity and sustainable development. I encourage the Bank to design products and services that will resonate with the indigenes of the state and emerging industries. By doing so, the bank will not only achieve commercial success but also make meaningful impact on livelihoods,” Aiyedatiwa added.
In her remarks, Executive Director, Commercial and Institutional Banking (Lagos and South West) at The Alternative Bank, Korede Demola-Adeniyi, commended the state government’s leadership, outlining the bank’s long-term vision for the State.
““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. With the launch of our presence in the state, we plant our first seed towards the next half century of Ondo’s prosperity,” We have watched closely as the present administration has worked to turn the vision of a prosperous and sustainable future into reality. From the stability they have brought to the civil service to its aggressive push for infrastructural renewal, the message is clear. Ondo is open for business,” Demola-Adeniyi said.
“As Ondo State steps into its next 50 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. With the launch of our presence in the state, we plant our first seed towards the next half century of Ondo’s prosperity,” she added.
With Ondo State’s economy anchored largely on agriculture, particularly cocoa production, poultry farming, and other cash crops, alongside a growing SME and trade ecosystem, AltBank is deploying sector specific financing solutions tailored to these strengths. For cocoa aggregators, processors and poultry operators, the bank will provide production financing, facility expansion support, machinery lease structures, and structured trade facilities under its joint venture and cost-plus financing models, with transaction cycles of up to 180 days for commodity trades and longer-term structured asset financing for equipment and infrastructure.
In addition, AltBank will support export-oriented agribusinesses through Letters of Credit and commodity backed trade finance, ensuring that local producers can scale beyond state borders. For SMEs, the bank is introducing robust payment rails, asset financing for equipment and inventory, and supply chain backed facilities that strengthen working capital without trapping businesses in interest-based debt cycles.
The AltBank has emerged as a national non-interest bank with a physical network now surpassing 170 locations, deploying capital to solve real-world challenges through initiatives such as the Mata Zalla project, which saw to the training of hundreds of women as electric tricycle drivers and mechanics. Through its agricultural programme in Plateau, the bank has introduced a pathway to boosting widescale livestock production designed to secure economic futures and advance Nigeria’s national security objectives.
Addressing attendees at the Business Forum which followed the launch proceedings, Demola-Adeniyi commended the bank for choosing Akure as a strategic expansion location, noting that its presence would boost economic growth, financial inclusion and job creation within the community. He emphasised the importance of non-interest banking in deepening transparency and community focused services, urging the institution to operate with integrity and fairness.
Representing the Deji of Akure Kingdom, High Chief Fulani FolorunshoOba Aladelusi called on the bank to channel resources towards revitalising the state’s agricultural sector, particularly in cocoa and poultry value chains, which remain key drivers of Ondo’s economy.
The new branch in Akure strengthens The Alternative Bank’s mission to provide innovative banking solutions tailored to individuals, SMEs and corporate institutions. By aligning its offerings across Healthcare, Education, Agriculture, Renewable Energy, and Transportation (H.E.A.R.T.) with local priorities such as entrepreneurship and infrastructure development, the Bank aims to serve as a catalyst for sustainable growth and shared prosperity in Ondo State.
