In a move that could reshape Nigeria’s tech landscape, The Alternative Bank (AltBank) has called for deliberate support for young innovators — urging greater access to tech resources, mentorship and ecosystem backing so that ideas can grow into viable solutions. The call came during the third annual Socio-Economic Summit of the Jericho Businessmen Club (JBC), where business leaders, policymakers and academics gathered to examine sustainable economic models and address the widening digital-skills divide among Nigerian youth.
AltBank’s management explained that true nation-building requires more than capital; it demands investment in human capital. Their aim: to move beyond traditional bank financing and provide support structures that nurture young tech-driven entrepreneurs, equipping them to compete in a global digital economy.
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What the bank promises: financing, mentorship and ecosystem support
According to AltBank’s South Executive Director, Korede Demola-Adeniyi, “Technology is the most potent equaliser in modern commerce.” She argues that by investing in the digital skills and entrepreneurial capacity of Nigerian youths, the bank is helping futures take root and positioning the country for long-term economic resilience.
During the summit, she revealed plans to roll out special non-interest financing schemes tailored for tech entrepreneurs, as well as vocational-skill acquisition programmes to support young Nigerians who wish to build startups rather than rely on traditional employment. AltBank intends to partner with private-sector players, educational institutions and industry associations to create thriving digital hubs capable of producing world-class solutions.
Such interventions are seen as strategic, especially at a time when Nigeria collectively pushes to diversify its economy away from oil, grow its technology sector, attract foreign direct investment, and foster job creation across multiple industries.
Why the effort matters for Nigeria’s future
Nigeria is home to one of the youngest populations in the world. For that reason alone, closing the digital-skills gap could unlock enormous potential. AltBank’s push is timely: as global economies evolve, proficiency in technology and the ability to innovate are increasingly key to competitiveness. By equipping young people with resources, training and access to capital, without the burden of traditional interest-based loans, AltBank may help democratise opportunity and nurture home-grown talent.
Moreover, the bank’s focus on inclusion and long-term impact reflects a philosophy that challenges conventional lending practices. Instead of merely disbursing credit, AltBank appears committed to building an ecosystem. If successful, this could help reduce youth unemployment, stimulate the creation of high-value services, and encourage the establishment of sustainable digital enterprises across sectors.
What comes next: a hopeful but challenging path ahead
AltBank’s announcement sets high expectations. The real test will be in execution. Rolling out non-interest financing schemes, launching vocational training programs, and building partnerships, all while ensuring the initiatives reach youth across Nigeria’s diverse regions, will require strong governance, transparent processes, and careful delivery.
Still, this is a promising step. If the bank succeeds in its ambition, we could see an influx of Nigerian tech startups driven by youthful energy and backed with support, a shift that could reshape the country’s economic narrative away from dependence on traditional sectors.
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