Business and Economy
The Alternative Bank Opens Gwarinpa Branch to Drive Financial Inclusion and Business Growth
By Iyojo Ameh
Alternative Bank has opened a new branch in Gwarinpa, Abuja, expanding its physical presence as it pushes to bring financing closer to households, businesses and communities outside traditional banking channels.
The bank formally launched the branch on Wednesday before traditional leaders, government representatives and institutional partners. Discussions at the event centred on poverty, employment, rural banking access and the role finance can play in widening economic opportunity.
Garba Mohammed, Alternative Bank’s Executive Director, North-Central, South-East and South-South, said the bank chose Gwarinpa because of its large residential population and commercial potential.
He said the branch would support a banking model built around partnerships and wider distribution of capital.
Mohammed argued that financial exclusion carries consequences beyond banking.
“Violence and poverty poverty is the root cause of violence. When people are hungry, they become angry,” he said.
He said Alternative Bank wants to reduce barriers that can leave people without the capital to start businesses, expand existing enterprises or take advantage of economic opportunities.
“That is why we have this model of banking that requires us to look around, share and spread capital all around by way of partnership and financial inclusion,” Mohammed said.
The Emir of Nasarawa, HRH Ibrahim Usman Jibril, welcomed the Gwarinpa opening but challenged the bank to take future branches beyond major cities.
He said residents of some rural communities still travel long distances with cash because formal banking services remain limited.
“In future, we should think about our rural areas, which are completely unbanked and will need these banking services to be able to grow,” Jibril said.
The Hakimi of Gwarinpa District, Prince Umar Bayero, said the branch could also widen financing options for young people, farmers and small businesses within the district.
NAHCON Executive Chairman Ambassador Ismail Abba Yusuf said bringing financial services closer to communities can support employment and economic activity. He also said the branch gives prospective pilgrims in Abuja easier access to Alternative Bank’s Hajj savings services.
For Alternative Bank, the Gwarinpa opening extends a broader expansion strategy built around taking banking and financing closer to where people live and work.
About Alternative Bank: Alternative Bank operates a partnership-based, non-interest banking model. The bank serves individuals and businesses through financing and banking services across several sectors. More information is available at altbank.ng.
