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Banking

Alternative Bank, Niger State to Set Record with Africa’s Single Largest EV Fleet

In a landmark deal, Nigeria’s largest ethical banking institution, The Alternative Bank have signed a pioneering deal, valued at over N 14 billion, with the Niger state government to finance the delivery of 5000 electric tricycles to drive social impact, youth empowerment, business growth, and economic prosperity in the Power State.

The landmark deal will see the Niger State government, through its ministries of Transportation, Youth, Women Affairs, and Small and Medium Enterprises, procure the tricycles for the programme,

lease them to beneficiaries, establish an assembly and maintenance plant, and train resident youths of the state as mechanics to service the tricycles. With the charging and battery swap stations for the electric tricycles to be installed at strategic locations such as schools, hospitals and markets across major towns in the state.

The Executive Governor of Niger State, His Excellency, Governor Mohammed Umar Bago, commented by saying that this deal is one step towards the upliftment of the state towards realising its full economic potential and making Niger a “green” State.

Governor Bago said the choice of the Alternative Bank as the partner for this project is due to its innovative approach towards wealth creation, with the bank taking a joint-investor and partner-in-progress approach to financing projects, as opposed to the traditional commercial model of being just a lender.

Speaking at the deal-signing ceremony, Alhaji Garba Mohammed, Executive Director at The Alternative Bank, said that “this project, as conceived, will provide solutions to aid the economic involvement of the women, youth and small businesses by generating commercial value for the people and the government, safeguarding the environment through the use of renewable and sustainable energy sources as a driver of transportation with the great state of Niger.”

He continued by saying that “this will be the single largest delivery of electric vehicles across the country, and on the African continent.” He concluded by stating that “unlike vehicles powered by internal combustible engines consuming petrol, compressed natural gas and other fossil fuels, these 5000 tricycles will contribute to the reduction of pollution in Niger State, aligning perfectly with The Alternative Bank’s commitment to wealth creation, social growth, and environmental responsibility.”

This deal comes in swiftly on the heels of the Alternative Bank’s recent delivery of 120 electric tricycles to the Mata Zalla and Yar Baiwa co-operatives in Kano State. The details of the project’s delivery saw the bank deliver tricycles to the women of the cooperatives, train them on servicing and maintenance of the vehicles, as well as create a battery swapping terminal within the Kano metropolis for easy recharging of the tricycles for continued operation.

The outcomes of the recently launched program include economic inclusion and independence for the women, increased transportation options for residents of the metropolis, reduced transportation costs within the vicinity due to the energy cost efficiency of the electric powered, improved security and safety for women commuters within the region, and a considerable net positive environmental impact due to the renewable energy powered nature of the tricycles.

 

About The Alternative Bank:

The Alternative Bank commenced its journey in January 2014 with a vision to create a dynamic banking experience that respects individuality and speaks the language of its customers. In July 2023, the Central Bank of Nigeria issued a Banking License to The Alternative Bank, enabling it to operate as a fully-fledged, standalone bank. Guided by its Advisory Committee of Experts (ACE), The Alternative Bank ensures all its operations align with the ethics of Non-Interest Banking.

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