The Alternative Bank is spearheading sustainable economic growth in Africa through its catalytic capital approach.
This innovative financial model was prominently highlighted at the recent Africa Social Impact Summit (ASIS) 2024, hosted by Sterling One Foundation and the United Nations.
Catalytic capital, which emphasises social and environmental impact alongside financial returns, is deeply embedded in The Alternative Bank’s ethos.
The bank’s interest-free financing model aligns perfectly with these principles, ensuring that investments not only generate profits but also contribute to societal well-being. This approach was a focal point of discussions at ASIS 2024.
The summit, themed “Reimagining Progress: A New Blueprint for Sustainable Growth in Africa,” brought together influential figures from both the public and private sectors. Babajide Sanwo-Olu, governor of Lagos State, represented by Obafemi Hamzat, deputy governor of Lagos State, underscored the vital role of catalytic capital in driving sustainable development.
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“ASIS 2024 must catalyze collaboration and action towards sustainable development in Africa. Public-private partnerships, fueled by catalytic capital, are essential for attracting impactful investments,” Hamzat remarked.
Korede Demola-Adeniyi, executive director-South of The Alternative Bank, showcased the transformative power of catalytic capital through flagship projects such as the Lagos Rice Mill and electric transportation for women in Kano.
“These projects exemplify the power of catalytic capital and effective partnerships. By working with partners who provide concessionary financing, training, and other resources, we are making previously unfeasible projects a reality and driving substantial social impact,” she stated.
During the investment panel session, “Scaling Catalytic Capital for Sustainable Economic Prosperity,” Demola-Adeniyi joined distinguished speakers from leading financial institutions, including Uju Okafor from Afreximbank, Adekemi Ajayi from Acumen West Africa, and Omawumi Kola-Lawal from the IFC.
Olapeju Ibekwe, Sterling One Foundation CEO, outlined the summit’s goals, stating, “ASIS aims to build and scale partnerships, attract increased impact investment, and advocate for supportive policies.”
Through its strategic partnership with Sterling One Foundation, The Alternative Bank has demonstrated its commitment to driving impact through sustainable development and innovative banking solutions.
