The Alternative Bank, NCX Launch Strategic Alliance to Boost Commodities Trade and Tackle Food Insecurity in Nigeria
Story written By Rita Uzuh, July 16, 2025
In a major move to transform Nigeria’s agricultural value chain, The Alternative Bank (AltBank) has partnered with the Nigeria Commodity Exchange (NCX) to reshape the commodities trading ecosystem, address food insecurity, and improve access to finance for farmers and agribusinesses.
The partnership introduces Electronic Warehouse Receipts (EWRs) as secure, finance-backed collateral—empowering farmers, aggregators, and commodity stakeholders to access funding without the pressure of immediate sales. This initiative is set to unlock liquidity, reduce post-harvest losses, and promote fair pricing across Nigeria’s agribusiness sector.
Gbenga Awe, Group Head of Structured Trade and Commodities Finance at The Alternative Bank, described the partnership as “a bold step toward rewriting the narrative of Nigeria’s commodity markets.”
“For too long, smallholder farmers and agri-SMEs have faced poor access to capital and been forced to sell under pressure. With NCX, we’re creating a system where value can be preserved and traded on better terms. Capital will now flow through tech-driven, non-traditional channels suited for our market realities,” he stated.
On his part, Anthony Atuche, Managing Director of the Nigeria Commodity Exchange, emphasized that the alliance aims to strengthen price discovery, reduce distress selling, and support a more structured trading environment.
“Our mandate has always been to build a transparent, efficient, and inclusive commodities market. This partnership is a leap forward—facilitating finance via warehouse receipts and creating a stable foundation for producers,” he added.
The collaboration is aligned with the Federal Government’s broader strategy, which includes the establishment of a National Export Trading Company (NETC) in partnership with NCX and the Africa Trade and Distribution Company (ATDC), to boost non-oil exports.
The Alternative Bank noted that this partnership would also enhance financing for major export commodities such as cocoa, cashew, sesame, and soybeans, helping producers trade from a position of strength and contribute meaningfully to Nigeria’s export economy.
Accion MfB Launches AccionMonie to Empower MSMEs and Low-Income Nigerians
In a related development, Accion Microfinance Bank (MfB) has unveiled AccionMonie, a digital financial services platform designed to expand access to loans, savings, capital, and essential support services for Micro, Small, and Medium Enterprises (MSMEs) and underserved communities.
Through this platform, the bank aims to close financial access gaps while driving inclusive economic growth across Nigeria. AccionMonie is a central part of the bank’s “Always there to lend you a hand” campaign.
Taiwo Joda, CEO of Accion MfB, stated:
“We believe every MSME holds the potential to power inclusive growth. With AccionMonie, we’re giving them tools to thrive—financially and digitally. It’s more than access; it’s about standing with them as they build lasting impact.”
MSMEs contribute 48% to Nigeria’s GDP and account for over 86% of total employment, yet face persistent challenges such as limited access to capital, poor infrastructure, and unfriendly business environments.
With over 74 branches in 12 states, Accion MfB intends to combine physical reach with digital innovation to deliver financial empowerment nationwide.
Stephen Olalere, Chief Commercial Officer, highlighted the importance of bridging the access gap through intuitive, reliable platforms. Paul Ehiagbonare, Chief Digital Officer, added:
“AccionMonie is a digital leap for customer empowerment. We’re offering tools that support ambition, growth, and resilience—because real success happens when customers feel supported, not just serviced.”
Together, these two groundbreaking initiatives by AltBank and Accion MfB reflect Nigeria’s evolving financial landscape—where digital inclusion, commodity financing, and strategic partnerships are poised to shape a more secure and prosperous future.
