A subsidiary of the International Workplace Group (IWG), and The Alternative Bank have announced a strategic partnership aimed at providing startups and small businesses across Nigeria with professional, cost-effective work spaces.
About six and eight new workspaces will be set up across several key states nationwide annually, creating a “one-stop shop” where entrepreneurs can access both modern office facilities and essential financial services.
The nationwide rollout will target several key hubs, including Enugu, Onitsha, Kaduna, Kano, Maiduguri, Jos, Ibadan, and Minna, alongside existing Lagos facilities such as FF Towers.
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The collaboration is designed to help Micro, Small, and Medium Enterprises (MSMEs) conserve vital capital for core operations and expansion by removing the burden of fixed infrastructure costs.
During the commissioning of a new co-working hub in Lagos, Ayo Akinmade, country manager at IWG, explained that the expansion is specifically tailored to support SMEs, which dominate the economic landscape in Nigeria’s secondary cities across the South-West, North, and Eastern regions.
Akinmade noted that small businesses account for 80 percent to 90 percent of commercial activity in these areas, making them the primary beneficiaries of flexible workspace solutions. He argued that the traditional model of office procurement often cripples young companies before they can scale.
“In many of these cities, if you have N5 million, you could spend the entire sum merely setting up an office, leaving nothing to actually run your business,” Akinmade said. “Instead, you can secure a desk for approximately N100,000 per month and utilise the remainder of your funds to grow your operations”.
He added that this approach significantly lowers entry barriers, allowing startups to operate within a professional environment without the looming threat of financial exhaustion.
Mohammed Yunusa, director of Digital Business and Commerce at The Alternative Bank, stated that the partnership would transform how Nigerian businesses engage with both physical infrastructure and financial products, creating an integrated ecosystem for heightened productivity.
“Expanding these integrated hubs positions us as a comprehensive business ecosystem where entrepreneurs can access workspace, funding, and operational support seamlessly,” Yunusa said.
He further emphasised that the partnership reflects a global move away from traditional “brick-and-mortar” banking toward more versatile, multi-purpose environments. By integrating banking services directly into the workspace, Yunusa believes the initiative will play a pivotal role in nurturing Nigeria’s burgeoning startup scene and improving access to critical business infrastructure.
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