Nigerian Bank Altbank Plans to Open 500 New Branches by 2026 to Expand Network and Drive Financial Inclusion

Altbank, a Nigerian bank, has announced plans to open 500 new branches by 2026 as part of its ambitious strategy to drive financial inclusion and promote ethical banking practices in the country. The bank's Executive Director, South, Kored Demola Adeniyi, highlighted the underpenetration of the non-interest banking (NIB) sector in Nigeria, accounting for just 1.7% of the total bank assets in 2024.

Altbank's growth strategy for 2026 will focus on sectors with strong development impact such as healthcare, agriculture, renewable energy, and transport. The bank also aims to intensify financial literacy programs to deepen access to ethical financial services across Nigeria.

Altbank expressed confidence that the NIB sector will play a prominent role in transforming Nigeria's economy. Currently, 28 banks in Nigeria hold licenses that allow them to engage in cross-border banking activities.

Altbank is set to participate in creative economy strategies and maintain compliance with NIB principles.