The Alternative Bank Champions Catalytic Capital for Sustainable Growth

Nume Ekeghe

The Alternative Bank, is leading the charge in fostering sustainable economic growth in Africa through its catalytic capital approach.

This innovative financial model was prominently showcased at the recent Africa Social Impact Summit (ASIS) 2024, co-hosted by Sterling One Foundation and the United Nations.

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, emphasized the critical role of catalytic capital in driving sustainable development.

“ASIS 2024 must catalyze collaboration and action towards sustainable development in Africa. Public-private partnerships, fuelled by catalytic capital, are essential for attracting impactful investments,” Hamzat remarked.

Executive Director-South of The Alternative Bank, Korede Demola-Adeniyi, 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.

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.”