The Alternative Bank (AltBank) has expanded its non-interest banking footprint with the opening of a new branch in Effurun, Delta State, strengthening its presence across the Edo/Delta corridor.
The branch is expected to serve individuals, businesses, and community organisations seeking banking solutions outside the conventional interest-based system, particularly in a region known for vibrant commercial activity and a large informal economy.
Speaking at the inauguration, Chukwuemeka Agada, Divisional Head (South) of AltBank, said the decision to establish the branch demonstrates the institution’s commitment to deepening collaboration with communities in and around Warri.
“By establishing a presence here, we are initiating a transformation in the way banking serves the people of Delta,” he said, adding that the Bank intends to tailor its services to meet the needs of traders, SMEs, and the growing population of young professionals.
The launch attracted traditional and government representatives, including His Royal Majesty Emmanuel Ekemejewa Sideso Abe I, the Ovie of Uvwie Kingdom; the Chairman of Uvwie Local Government, represented by the Vice-Chairman, Hon. Andrew Agagbo; and officials from the Delta State Government, an indication of strong local interest in the bank’s arrival and the broader drive to improve financial access in the state.
Delivering remarks on behalf of the Ovie, Chief Samuel Eshenake urged the Bank to ensure its presence contributes meaningfully to community development, particularly in the areas of employment and economic empowerment.
Responding, Regional Head, Edo/Delta, Akanni Owolabi, reaffirmed AltBank’s commitment to sustained collaboration with stakeholders.
“We see this branch as a catalyst for creating opportunities and supporting the growth of local businesses,” he said.
AltBank operates on non-interest banking principles rooted in Islamic finance, an approach anchored in asset-backed transactions and risk-sharing mechanisms.
With the Effurun branch now open, residents and businesses in neighbouring communities can now access products and services designed specifically around this financial model.
