A Nigerian financial institution is intensifying efforts to bridge the country’s financial inclusion gap by partnering with grassroots trade groups to empower market vendors and small-scale farmers. The Alternative Bank, operating under Sterling Financial Holdings Company, has launched a nationwide initiative to provide underserved communities with access to banking services, microloans, and business support, targeting groups often excluded from formal financial systems.
The program, developed in collaboration with the Association of Market Women/Men and Farmers of Nigeria (AMWMF), aims to reach over 16 million members. According to Central Bank of Nigeria data, approximately 26% of adults—28.8 million people—remain unbanked, with rural populations and informal workers disproportionately affected. The partnership seeks to counter systemic barriers such as limited financial literacy, distrust of institutions, and logistical hurdles preventing access to banking infrastructure.
Key offerings include zero-fee accounts, microloans for small businesses, and funding for small and medium-sized enterprises (SMEs). Korede Demola-Adeniyi, Executive Director at The Alternative Bank, emphasized the need for tailored solutions to address deep-rooted challenges. “Financial exclusion isn’t just about physical access,” she stated. “It’s about dismantling obstacles like financial illiteracy and building trust. By equipping entrepreneurs with tools and knowledge, we can drive inclusive economic growth.”
The initiative also includes financial literacy workshops and subsidized point-of-sale (POS) terminals to encourage digital payments. Piloted in Oyo State, the program will expand to 15 additional states by year-end. Erelu Dr. Becky Olubukola, AMWMF’s National President, described the collaboration as transformative, noting it aligns with the association’s goal of fostering economic self-sufficiency among members. “This partnership unlocks opportunities for millions and strengthens local economies,” she said.
Beyond financial services, The Alternative Bank is testing innovative support mechanisms, such as electric tricycles to ease goods transportation for vendors and health kiosks in underserved regions. A waste-to-wealth scheme, which converts recyclable materials into income streams, further aims to boost livelihoods. These efforts reflect a broader push to integrate marginalized groups into Nigeria’s economic framework while addressing social challenges like healthcare access and environmental sustainability.
With Nigeria’s informal sector accounting for over 80% of employment, initiatives targeting market traders and farmers could have far-reaching impacts on poverty reduction and economic stability. As digital finance adoption grows across Africa, partnerships like this highlight the role of localized strategies in achieving financial inclusion goals.
