The Alternative Bank has announced plans to introduce a new agricultural product before the close of the year, aimed at further strengthening its support for women and youth engaged in agribusiness across Nigeria.
This initiative is part of the bank’s ongoing commitment to fostering inclusive growth within the country’s agricultural sector.
Korede Adeniyi, the Executive Director for the South-South region at Alternative Bank, revealed this development during her address at the Agricultural Summit Africa held in Abuja last Friday.
Adeniyi emphasized that the bank’s approach to financing, which is rooted in non-interest financial principles, seeks to empower women and young people by providing them with accessible financial resources, improving their financial literacy, and creating partnerships based on risk-sharing.
As a non-interest institution, the bank operates differently from traditional lenders. Instead of offering conventional loans, the Alternative Bank shares both the risks and the rewards with its beneficiaries.
Adeniyi explained that this unique model allows the bank to collaborate with clients toward mutual success, rather than simply providing a loan.
“We don’t call what we do loans; we are working together with the beneficiaries. Our goal is to support, especially women, by providing facilities that are almost cost-free. Our focus is on creating sustainable impact for all parties involved,” she said.
Over the years, the bank has implemented several impactful agricultural initiatives in various states across Nigeria. One of the standout projects has been a tricycle scheme in Kano, where 120 women benefitted. This pilot program was designed to provide these women with a steady income while also addressing safety concerns in rural communities.
“These women now have reliable sources of income and, importantly, they help transport other women and children, significantly reducing incidents of assault and kidnapping in the area,” Adeniyi explained.
In addition, the bank has also rolled out a ginger production project in Kaduna, specifically targeting women farmers.
This initiative aims to stabilize prices through partnerships with development organizations, ensuring fair market access and a consistent income for the women involved.
The Alternative Bank is also expanding its reach in rural areas by utilizing a network of local agents who act as intermediaries between the bank and its beneficiaries. These agents help maintain ongoing communication and provide vital feedback, ensuring the bank’s initiatives remain responsive to the needs of the rural communities it serves.
Adeniyi noted that these efforts are in alignment with the Federal Government’s emphasis on promoting innovative financing models to enhance food production, create jobs, and improve livelihoods.
Non-interest financial institutions like the Alternative Bank play a crucial role in this agenda by offering ethical, sustainable, and risk-sharing financial products tailored to the agricultural sector.
As part of its broader mission, the bank continues to provide inclusive financing options that empower women and youth in agriculture, ensuring they have the necessary resources to thrive.
“When we invest in women and youth, we invest in the future of agriculture. Our approach not only benefits the bank and the farmers but also contributes to the broader economy,” Adeniyi concluded.
