Bank opens new branch, expands non-interest footprint

The Alternative Bank (AltBank) has opened a new branch in Effurun, Delta State, extending its non-interest banking services to the wider Edo/Delta corridor. The branch is expected to serve individuals, businesses and community-based institutions seeking alternatives to conventional banking, particularly within a region known for strong commercial activity and a large informal sector. Speaking at […]

The Alternative Bank (AltBank) has opened a new branch in Effurun, Delta State, extending its non-interest banking services to the wider Edo/Delta corridor.

The branch is expected to serve individuals, businesses and community-based institutions seeking alternatives to conventional banking, particularly within a region known for strong commercial activity and a large informal sector.

Speaking at the inauguration, Chukwuemeka Agada, Divisional Head (South) of AltBank, said the expansion reflects the bank’s commitment to deepening its presence across communities in and around Warri.

“By establishing a presence here, we are initiating a transformation in the way banking serves the people of Delta,” Agada said, adding that the bank aims to tailor its services to traders, small and medium enterprises, and the area’s growing population of young professionals.

The event drew traditional and government leaders, including His Royal Majesty Emmanuel Ekemejewa Sideso Abe I, the Ovie of Uvwie Kingdom; the Chairman of Uvwie Local Government, represented by Vice-Chairman Hon. Andrew Agagbo; and officials of the Delta State Government.

Their attendance signalled the high level of local interest in improved financial access and economic expansion within the state.

Representing the Ovie, Chief (Dr.) Samuel Eshenake urged the bank to ensure its operations translate into meaningful community development, especially in employment opportunities and economic activity.

Responding, Akanni Owolabi, Regional Head for Edo/Delta, said AltBank intends to maintain close engagement 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, which emphasise asset-backed transactions and risk-sharing models. With the Effurun branch now open, residents and businesses in surrounding communities will have access to products and services aligned with that framework.