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The Alternative Bank is pioneering a transformative approach to driving sustainable economic growth across Africa through its catalytic capital strategy. This financial model took center stage at the recent Africa Social Impact Summit (ASIS) 2024, an event hosted by the Sterling One Foundation and the United Nations.
Catalytic capital, which emphasises social and environmental impact alongside financial returns, is at the heart of The Alternative Bank’s mission. Their interest-free financing model is a testament to this commitment, ensuring that investments are not merely profitable but also beneficial to societal well-being. This core principle was a focal point in the discussions at ASIS 2024.
The summit with theme; “Reimagining Progress: A New Blueprint for Sustainable Growth in Africa,” convened leading figures from the public and private sectors. Deputy Governor of Lagos State, Obafemi Hamzat, who represented Governor Babajide Sanwo-Olu, underscored the vital role of catalytic capital in fostering sustainable development.
“ASIS 2024 must serve as a catalyst for collaboration and action towards sustainable development in Africa. Public-private partnerships, empowered by catalytic capital, are crucial for attracting impactful investments,” Hamzat said.
Korede Demola-Adeniyi, Executive Director-South of The Alternative Bank, illuminated the transformative potential of catalytic capital through flagship initiatives such as the Lagos Rice Mill and electric transportation projects for women in Kano.
“These initiatives showcase the profound impact of catalytic capital and strategic partnerships. By collaborating with partners who offer concessionary financing, training, and additional resources, we are turning ambitious projects into reality and driving significant social change,” she explained.
The investment panel session titled “Scaling Catalytic Capital for Sustainable Economic Prosperity,” featured a lineup of experts including Uju Okafor of Afreximbank, Adekemi Ajayi of Acumen West Africa and Dr. Omawumi Kola-Lawal from the IFC.
Mrs. Olapeju Ibekwe, CEO of Sterling One Foundation, articulated the summit’s objectives, saying, “ASIS aims to forge and expand partnerships, attract greater impact investment, and advocate for supportive policies.”
In its alliance with the Sterling One Foundation, The Alternative Bank reaffirms its dedication to advancing impact through sustainable development and financial solutions.
By actively contributing to the discourse on catalytic capital, The Alternative Bank is firmly establishing itself as a leader in Africa’s journey towards sustainable development.
