Chief Executive Officer, Sterling One Foundation, Peju Ibekwe; Representative of the Lagos State Governor/Deputy Governor, Mr Kadri Obafemi Hamzat and Korede Demola-Adeniyi, ED-South, The Alternative Bank during the Africa Social Impact Summit held in Lagos recently.
The Alternative Bank, a pioneer in ethical finance, is at the forefront of driving sustainable economic growth in Africa through its catalytic capital approach. This innovative financial model was prominently featured at the recent Africa Social Impact Summit (ASIS) 2024, hosted by Sterling One Foundation and the United Nations.
Catalytic capital, prioritising social and environmental impact alongside financial returns, is deeply ingrained in The Alternative Bank’s ethos. The bank’s interest-free financing model aligns perfectly with these principles, ensuring investments not only generate profits but also contribute to societal well-being. This approach was a cornerstone of the discussions at ASIS 2024.
The summit, themed “Reimagining Progress: A New Blueprint for Sustainable Growth in Africa,” brought together influential figures from both public and private sectors. Deputy Governor of Lagos State, Obafemi Hamzat, representing Governor Babajide Sanwo-Olu, emphasised the critical role of catalytic capital in driving sustainable development.
“ASIS 2024 must catalyse collaboration and action towards sustainable development in Africa. Public-private partnerships, fuelled by catalytic capital, are essential for attracting impactful investments,” Hamzat remarked.
Korede Demola-Adeniyi, Executive Director-South of The Alternative Bank, highlighted the transformative power of catalytic capital through flagship projects such as the Lagos Rice Mill and electric transportation for women in Kano.
“These projects exemplify the power of catalytic capital and effective partnerships. By working with partners who provide concessionary financing, training, and other resources, we are making previously unfeasible projects a reality and driving substantial social impact,” she stated.
The investment panel session she spoke on, “Scaling Catalytic Capital for Sustainable Economic Prosperity” featured distinguished speakers from leading financial institutions, including Uju Okafor from Afreximbank, Adekemi Ajayi from Acumen West Africa, and Dr. Omawumi Kola-Lawal from the IFC.
Sterling One Foundation CEO, Mrs. Olapeju Ibekwe, outlined the summit’s goals, stating, “ASIS aims to build and scale partnerships, attract increased impact investment, and advocate for supportive policies.”
Through its strategic partnership with Sterling One Foundation, The Alternative Bank has demonstrated its commitment to driving impact through sustainable development and innovative banking solutions.
By actively shaping the discourse on catalytic capital, The Alternative Bank is positioning itself as a leader in Africa’s sustainable development journey.
