AltBank Launches EV Financing for Nigeria's Transport Sector

AltBank is set to implement a nationwide push for electric vehicle (EV) financing, specifically targeting Nigeria's informal transport sector. The bank's head of commercial institutions, Moham Abdul, emphasized the need for a formal financing system to tap into Nigeria's large informal transport market.

This initiative aims to promote clean energy, generate income, create jobs, and reduce operational costs. Abdul highlighted the importance of electric mobility in achieving economic growth, job creation, and income growth.

The bank is already collaborating with partners to expand EV adoption across the country and is exploring lower-cost entry points for operators transitioning from petrol-powered vehicles. AltBank's financing structure is designed to address the realities of Nigeria's transport sector, which often lacks formal credit histories.

The initiative includes partnerships with local stakeholders and state governments, such as Niger State, and aims to pilot EV financing options across Nigeria and West Africa.