IWG, Alternative Bank partner to deepen financial inclusion

...to provide flexible workspaces 

The International Workplace Group (IWG),  Alternative Bank and the HQ have entered into a partnership aimed at deepening access to financial services for businesses and individuals, while empowering businesses with flexible workspaces across Nigeria.

The partnership, which has already produced about seven locations across the country, is built around a model where IWG provides flexible office centres within Alternative Bank branch locations that have additional space to support businesses.

Speaking during the signing ceremony on Thursday in Abuja, Olatoyosi Kola-Idowu, Strategy Officer at Alternative Bank, said the partnership reflects the bank’s broader strategy of taking services closer to customers rather than waiting for customers to visit traditional banking locations.

Kola-Idowu said the initiative is intended to improve access to financial services for Nigerians by simplifying banking and integrating it into spaces where people already work and interact. She added that the bank would be leveraging community-based banking to achieve the objective.

She noted that financial institutions are widespread but many people still remain underserved.

“The market is saturated, you find a lot of financial services everywhere, but at the same time a lot of people are not being reached,” she said.

“The way to solve that problem is to find out what exactly is that barrier to entry, what exactly do people need, when do they need it and how do they need it. Sometimes it’s essential that you penetrate into where they are, make life easier for them and see how we can deepen trust even from their own comfort zones,” the strategy officer added.

Ayo Akinmade, Country Manager of IWG  said the partnership reflects changing work patterns and the growing demand for offices located closer to residential and business communities.

According to him, the Abuja location is the seventh centre developed under the collaboration, with several others already operating in Lagos.

He said the partnership is focused on placing workspaces in areas where business activity is concentrated, empowering business owners with flexible workspaces that would make their business operations easier and more profitable.

Akinmade said the company believes the expansion of flexible workspaces into more communities could also contribute to economic activity in those areas.

“The more we put centres in business areas, the more people will gravitate towards that business area. The business area itself will grow as we put more centres in,” he said.

He added that the arrangement also creates commercial opportunities for the bank, as companies and individuals using the workspaces would likely require banking and related financial services.

“People might need loans, health insurance, they might need whatever. So then the bank is also able to sell their services to them. So that’s the synergy that we also see”, he added.