By Gloria Ikibah
The Alternative Bank (AltBank) has stepped up its national expansion with the launch of a new branch in Ondo State, signalling a renewed push to deepen ethical banking and stimulate inclusive economic growth in one of Nigeria’s most agriculturally vibrant regions.
The opening ceremony in Akure drew senior government officials, traditional leaders and industry stakeholders, underscoring the significance of the bank’s arrival in a state whose economy is rooted in cocoa production, poultry farming and a growing small business ecosystem. 
With Ondo’s economic strength anchored in agriculture and trade, AltBank says it is rolling out sector-specific financing solutions tailored to local needs. Cocoa aggregators, processors and poultry operators are set to benefit from production finance, support for facility expansion, machinery leasing and structured trade facilities under joint venture and cost-plus financing models.
Transaction cycles of up to 180 days are being introduced for commodity trades, alongside longer-term structured asset financing for equipment and infrastructure. Export-focused agribusinesses will also have access to Letters of Credit and commodity-backed trade finance to enable them scale beyond state borders.
Small and medium-sized enterprises (SMEs) are not left out. The bank is introducing payment platforms, asset finance for equipment and inventory, and supply chain-backed facilities aimed at strengthening working capital without resorting to interest-based debt structures.
Speaking at the launch, Executive Director, Commercial and Institutional Banking (Lagos and South West), Korede Demola-Adeniyi, said the bank’s presence in Ondo aligns with the state’s long-term development aspirations.
“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.
“We didn’t come to Akure to hang banners. We came to fund work, farms, shops, and factories,” she said.
The Executive Governor of Ondo State, Dr Lucky Orimisan Aiyedatiwa, who was represented by his Chief of Staff, Prince Olusegun Omojuwa, highlighted the critical role financial institutions play in 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.
AltBank, now operating from more than 170 locations nationwide, has positioned itself as a leading non-interest bank focused on real-sector impact. Among its flagship interventions is the Mata Zalla project, which trained hundreds of women as electric tricycle drivers and mechanics, as well as an agricultural programme in Plateau State designed to boost livestock production and strengthen economic security.
The Akure launch attracted a cross-section of business and community leaders, including His Royal Majesty, Oba Aladetoyinbo Ogunlade Aladelusi, Odundun II, the Deji of Akure Kingdom, represented by High Chief Fulani Folorunsho; Caroline Omotosho, Managing Director of JohnVents; Adeola Adegoke, Global President and Founder of the Cocoa Farmers Alliance Association of Africa (COFAAA); Taiwo Ayoade, Deputy Managing Director of AgroTraders Limited; Oluleye Gideon, Chairman of the Poultry Farmers Association; and Sheikh Dr Abdulhakeem Yayi Akorede Albarka JP, Grand Imam of Akure Kingdom.
Dr Akorede welcomed the bank’s expansion, noting that its presence would enhance financial inclusion and job creation in the community. He stressed the importance of non-interest banking in promoting transparency and community-focused services, urging the institution to uphold integrity and fairness in its operations.
By aligning its financing priorities across Healthcare, Education, Agriculture, Renewable Energy and Transportation (H.E.A.R.T.) with Ondo’s development goals, AltBank says it aims to act as a catalyst for sustainable growth and shared prosperity — not only in the state, but across Nigeria.
