AltBank Opens in Effurun, Targets SMEs, Traders, Others

Kuni Tyessi in Abuja

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

The new branch is intended to serve individuals, businesses, and community institutions seeking alternatives to conventional banking, particularly in a region known for its commercial activity and large informal sector.

At the opening ceremony, Chukwuemeka Agada, Divisional Head (South) of AltBank, said the establishment of the branch reflects the institution’s intention to work more closely 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, noting the bank aims to adapt its services to the needs of the area’s traders, small and medium-scale enterprises, and growing population of young professionals.

Traditional and government representatives were present at the launch, 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; as well as officials from the Delta State Government.

Their attendance underscored the level of local interest in the branch and the broader push for increased financial access within the state.

Chief (Dr.) Samuel Eshenake, representing the Ovie, asked the bank to ensure its presence translates into visible support for community development, particularly in employment and economic activity.

In response, Akanni Owolabi, Regional Head, Edo/Delta, said the institution intends to maintain ongoing engagement with local 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, a model that emphasises asset-backed transactions and risk-sharing arrangements.

With the Effurun branch now operational, residents and businesses in the surrounding communities will be able to access products and services tailored to that framework.