The Alternative Bank is leading the way in promoting sustainable economic growth across Africa through its innovative catalytic capital strategy. This approach was prominently showcased at the recent Africa Social Impact Summit (ASIS) 2024, an event organised by the Sterling One Foundation in collaboration with the United Nations.
Catalytic capital, which prioritises social and environmental impact alongside financial returns, is central to The Alternative Bank’s mission. Their interest-free financing model exemplifies this commitment, ensuring that investments not only generate profits but also contribute to societal well-being. This fundamental principle was a key topic of discussion at ASIS 2024.
The summit, themed “Reimagining Progress: A New Blueprint for Sustainable Growth in Africa,” brought together leading figures from both the public and private sectors. Obafemi Hamzat, Deputy Governor of Lagos State, representing Governor Babajide Sanwo-Olu, highlighted the crucial role of catalytic capital in fostering sustainable development.
“ASIS 2024 must act as a catalyst for collaboration and action towards sustainable development in Africa. Public-private partnerships, supported by catalytic capital, are essential for attracting impactful investments,” Hamzat remarked.
Korede Demola-Adeniyi, Executive Director-South at The Alternative Bank, emphasised the transformative potential of catalytic capital through key initiatives such as the Lagos Rice Mill and electric transportation projects for women in Kano.
“These projects demonstrate the significant impact of catalytic capital and strategic partnerships. By working with partners who provide concessionary financing, training, and additional resources, we are turning ambitious ideas into reality and driving meaningful social change,” she explained.
The investment panel session, titled “Scaling Catalytic Capital for Sustainable Economic Prosperity,” featured insights from experts including Uju Okafor of Afreximbank, Adekemi Ajayi of Acumen West Africa, and Dr. Omawumi Kola-Lawal from the IFC.
Mrs. Olapeju Ibekwe, CEO of Sterling One Foundation, outlined the summit’s objectives, stating, “ASIS aims to forge and expand partnerships, attract greater impact investment, and advocate for supportive policies.”
Through its partnership with the Sterling One Foundation, The Alternative Bank reaffirms its commitment to advancing impact through sustainable development and financial solutions.
By actively engaging in the discourse on catalytic capital, The Alternative Bank is solidifying its position as a leader in Africa’s pursuit of sustainable development.
