By Omoniyi David
The Alternative Bank, a subsidiary of Sterling Financial Holdings, has partnered with the Association of Market Women/Men and Farmers of Nigeria (AMWMF), to bridge the financial inclusion gap for millions of traders and farmers excluded from formal banking.
According to the Central Bank of Nigeria, about 26% of Nigerian adults, approximately 28.8 million people remain financially excluded, particularly in rural areas and the informal sector.
The new initiative aims to provide over 16 million AMWMF members with zero-fee accounts, microloans, SME funding, and other services to grow their businesses.
Executive Director of The Alternative Bank, Korede Demola-Adeniyi, said financial institutions must break historical barriers to inclusion by offering tailored solutions.
“We are committed to empowering people to take control of their financial futures,” she said.
The partnership will also deliver financial literacy training, business support, and free POS terminals to vendors to boost electronic transactions.
Launching in Oyo State, the programme will expand to 15 more states this year.
AMWMF National President, Erelu Dr Becky Olubukola, described the collaboration as a “crucial step” in helping members thrive and drive local economic growth.
Beyond banking, The Alternative Bank will introduce electric-powered tricycles for goods transport, health kiosks in underserved areas, and a waste-to-wealth scheme to help members convert waste into income.