At this year’s Agriculture Summit Africa (ASA) in Abuja, one announcement drew the attention of policymakers, investors, and smallholder farmers alike. The Alternative Bank, Nigeria’s pioneering non-interest financial institution, unveiled a bold agrifinance strategy that could reshape how agriculture is funded — and who gets to lead it.
Putting Inclusion at the Center
Speaking at the summit, Korede Demola-Adeniyi, Executive Director (South) of The Alternative Bank, said the institution is expanding its non-interest agricultural facilities to target women and youth, two groups often excluded from traditional banking and agribusiness finance.
“Our goal is to ensure that women and young people don’t just participate but thrive across the agricultural value chain,” Adeniyi said. “We don’t call what we do loans because we work hand-in-hand with beneficiaries. We provide facilities at next to nothing, particularly for women. Since we share both the risk and the profit, our focus is on creating lasting impact for all parties.”
That principle — shared risk, shared reward — underpins The Alternative Bank’s model, setting it apart from conventional lenders that rely on interest-based credit. By investing alongside its clients, the bank aims to build mutual accountability and long-term sustainability rather than short-term debt.
From Kano’s Roads to Kaduna’s Farms
The bank’s agrifinance vision isn’t theoretical — it’s already on the ground. In Kano State, The Alternative Bank launched a tricycle empowerment programme for women, providing 120 participants with new tricycles to generate income and improve community safety.
“The women in Kano, who were previously underserved, now have a steady source of income,” Adeniyi said. “Beyond economic empowerment, the initiative has improved safety, as women now transport other women and children, reducing the risk of assault and kidnapping.”
In Kaduna, the bank has taken the model further with a ginger production pilot exclusively for women farmers. Through partnerships with development institutions, the project tackles market access and pricing challenges, ensuring participants receive fair compensation for their produce.
Staying Close to the Grassroots
Expanding access to finance in rural Nigeria often hits one major hurdle — physical distance. To close that gap, The Alternative Bank has built a network of empowered local agents serving as real-time links between the bank and farming communities.
“We want to remain effective in rural areas where banks can’t always be physically present,” Adeniyi explained. “Our agents help us stay connected and responsive.”
These agents do more than facilitate transactions. They provide financial literacy, gather feedback, and help tailor the bank’s products to local realities — ensuring that rural entrepreneurs aren’t left behind.
Looking Ahead: A Blueprint for Agrifinancing
Before the end of the year, The Alternative Bank plans to introduce a dedicated agriculture finance product designed to integrate women and youth into key value chains across Nigeria. The product will be unveiled alongside what Adeniyi described as the bank’s “Blueprint for Agrifinancing” — a roadmap for sustainable, inclusive agricultural funding.
“For launch updates and to access our current facilities, visit our website or any branch nationwide,” she said. “And keep an eye out for our Blueprint for Agrifinancing — coming soon.”
As Nigeria works to unlock the full potential of its agricultural sector, initiatives like this signal a shift toward more inclusive, participatory finance — one that views women and youth not as beneficiaries, but as the drivers of transformation.
And if The Alternative Bank’s recent track record is anything to go by, the seeds of that transformation are already taking root.
