The Alternative Times A PUBLICATION OF THE ALTERNATIVE BANK LIMITED
Issue 3
JANUARY, 2024
Page 1
Experts Predict Bullish Trend for Nigeria's Stock Market in 2024
‘’Despite macroeconomic challenges, including inflation and forex fluctuations, analysts anticipate a positive market in 2024, attributing this optimism to private-sector-led developmental projects.’’
As Nigeria's Stock Market Ends 2023 on a High Note, Financial experts echo this positive sentiment, citing President Bola Ahmed Tinubu's 2024 budget proposal, Analysts Foresee Positive Momentum in 2024.
emphasizing private capital for developmental pro ects. In a notable close to 2023, the Nigerian Exchange Limited (NGX) experienced a surge in investor Despite macroeconomic challenges, including inflation confidence, setting the stage for a potentially robust and forex fluctuations, analysts anticipate a positive 2024. The optimism is fueled by both positive market market in 2024, attributing this optimism to privatesector-led developmental pro ects.
indicators and strategic leadership appointments.
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Market operators anticipate a spotlight on the primary equities market in 2024, envisioning increased listings and a surge in manufacturers seeking capital postmarket reforms. The recently appointed leadership, including Mr. Temi Popoola and Mr. Jude Chiemeka, has further bolstered market confidence, with their proven expertise as professional stockbrokers.
As the market continues to ad ust to new price levels, the commencement of domestic oil refining is expected to positively impact forex and petroleum product prices. The experts also highlight an anticipated active commodities ecosystem in 2024, provided military actions against security threats persist.
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Shareholders' expectations for 2024 include addressing Naira floating issues, providing a conducive business environment, tackling inflation, resolving double taxation concerns, and offering more incentives to companies in the capital market.
In conclusion, as the NGX Exchange records a fourth consecutive annual gain and a notable market capitalization uptick, stakeholders are optimistic about sustaining positive market performance in 2024. With proposed bank recapitalization and numerous rights issues in the pipeline, the market looks poised for a dynamic and activity-filled year ahead.
FG Allocates N100 Billion Consumer Credit Fund in 2024 Budget to Tackle Rising Borrowing Trends
among Nigerians, the Federal With inflation driving about four million framework to enhance consumer credit in Nigerians in accessing credit, Uzoka-Anite Government has earmarked a substantial Nigerians into poverty in the first five Nigeria.
highlighted issues such as stringent N100 billion Consumer Credit Fund in the months of 2023, the government aims to eligibility criteria, high-interest rates, 2024 budget.
address the challenges posed by inflation Dr. Doris Nkiruka Uzoka-Anite, the identity-related challenges, fragmented Nigerians borrowed approximately N740 and escalating borrowing trends.
Minister of Industry, Trade, and data sources, and lack of awareness or billion from banks between January and Investment, emphasized the critical role understanding of credit processes.
September 2023, reflecting the economic The Presidential Council on Industrial of an efficient consumer credit system in challenges posed by persistent inflation Revitalization has established a Technical improving market efficiencies and The introduction of the N100 billion and dwindling purchasing power. Working Group, featuring members from bridging gaps in consumption and consumer credit fund aligns with the Consumer credit, reported by the Central the CBN, the National Identity productivity. The Technical Working Group government's broader strategy to Bank of Nigeria (CBN), surged by 32% in Management Commission (NIMC), and aims to propose and implement an stimulate economic growth and ease nine months, reaching N3.05 trillion by the Federal Competition and Consumer institutional and regulatory framework to financial challenges faced by individuals the end of Q3 2023, with personal loans Commission (FCCPC). This group is enhance the consumer credit landscape. in the country. constituting 74.8% of the total.
tasked with developing a robust Addressing the challenges faced by
The Alternative Times
From Hassan’s Desk:
Page 2 Dear Partner,
Your resilience and trust in The Alternative Bank have
As we stand on the threshold of a new year, we find
been the driving force behind our shared successes.
great joy in reflecting on the collective journey we've traversed together over the past twelve months.
In
celebrating
the
straightforward
victories,
let's
Your unwavering trust and support have been the
acknowledge that your collective trust and commitment
cornerstone of our success. In the subtle yet impactful
have been the guiding force throughout the past year.
interactions we've had, you've played an integral role in
Your choice to bank with us is a testament to the
shaping the narrative of achievement that defines us as
sincerity that propels us toward our goals.
a financial community.
As we step into a new chapter, we express our gratitude While our milestones may not always make headlines,
for your continued partnership. Here's to another year
their significance is undeniable. Your commitment to
of
choosing The Alternative Bank as your financial partner,
commitment, and the simple yet profound principles
day in and day out, has been the bedrock of our shared
that define AltBank.
accomplishments.
Wishing you a Happy and Prosperous New Year!
In facing challenges, we've witnessed the strength of our partnership. adapted milestones.
Hassan Yusuf MD, The alternative bank
to
Together,
changes,
we've
and
overcome
achieved
hurdles,
significant
shared
success,
strengthened
by
your
trust,
‘Your commitment to choosing The Alternative Bank as your financial partner, day in and day out,
has
been
accomplishments.’
the
bedrock
of
our
shared
The Alternative Times sights and sounds from the alternative bank launch in Lafia
Page 3
The Alternative Times
Page 4
The Alternative Times sights and sounds from the alternative bank launch in Zaria
Kano,
we are
coming!
Page 5
The Alternative Times
Page 6
The Alternative Bank Set to Launch Food bank Initiative The
Alternative
Bank
has
introduced
its
charitable program, Foodbank that focuses
The Alternative Bank Unveils Innovative ‘’Branch-in-a Box’’ Model to Enhance Operational Autonomy.
on distributing food and consumables to individuals and families in need in specific
In a groundbreaking move, the Alternative
areas of the country.
Bank is set to revolutionize its operational model with the introduction of "Branch in a
With
the
individuals initiative
aim
of
or
families
will
touching
identify
over
each
1000 the
approach
facing
autonomy
year,
communities
Box," also known as Altboxes. This innovative empowers to
basic needs and significant food insecurity.
transactions
Factors
independently.
such
as
poverty
rates,
branches
efficiently and
with
carry
serve
the out
customers
will
guide
the
identification
The proposed Altboxes will be fully equipped with the necessary tools, allowing branches
process.
to
seamlessly
conduct
end-to-end
To ensure efficient and timely support, the
transactions with minimal intervention from
Alternative Bank will collaborate with like-
traditional brick-and-mortar branches.
minded
organizations
and
partner
with
vendors
to
food
vouchers
for
provide
This
transformative
not
but also strategically positions the bank to
of meals,
autonomy
embrace
a
effective
structure.
The Alternative Bank ‘s Foodbank initiative
relatively
smaller
strives to make a meaningful impact on
substantially
reducing(eradicating)
marking a significant evolution in the bank's
helping families facing food insecurity.
hunger
levels
in
Nigeria and create a consistent source of
more
operational
only
redeemed
worth
enhanced
initiative
ensures
week's
unveiling of Activ8, a groundbreaking card designed to redefine how individuals
from
all
innovative
product
exclusive
discounts
walks
of
promises on
life
to
crucial
access
purchases,
streamlined The
hubs
reduce
and
shift is
cost-
towards
expected
in
the
overhead
fundamental savings for daily necessities, offers discounts on travel and leisure, provides exclusive deals on fitness and wellness, and
Activ8 is more than just a card; it's a community. Beyond the financial benefits, Activ8 aims to foster a sense of belonging through exclusive events, workshops, and forums, bringing together likeminded individuals.
costs,
automobile customer satisfaction aligns seamlessly with CIG dedication
to
delivering
top-notch
partnership with CIG Motors, a prominent car automotive experiences. This partnership is a dealership,
to
expand
financing
options
and testament
to
their
shared
vision
of
making
make car ownership more accessible than ever quality vehicles more affordable and accessible before.
to a broader audience.
This collaboration marks a significant milestone AltDrive and CIG Motors are confident that this for both AltDrive and CIG Motors as they join collaboration will set new industry standards for forces
to
provide
customers
with
flexible customer-centric
financing
solutions.
As
they
financing solutions, empowering them to drive embark on this exciting journey together, both home
their
dream
vehicles
with
repayment companies
for
Activ8's unique segmentation caters to diverse needs. It prioritizes
operational framework.
industry, is excited to announce its strategic Motors'
easier
financial burden on individuals.
to
AltDrive Announces Strategic Partnership with CIG Motors to Enhance Financing Options for Car Buyers name
it
offer
Activ8's impact is far-reaching, providing unbeatable discounts on
f.ng/al tfellow sh
leading
making
and
This
everyone to afford daily necessities.
https:// sa
a
essentials.
simplify transactions
support for communities in need.
AltDrive,
life's
elevates the experience with luxury benefits.
deserving families. These vouchers can be for a
Alternative Bank is set to revolutionize personal finance with the
groceries, fuel, and other essential items, significantly alleviating the
unemployment rates, and food insecurity statistics
Introducing Activ8: The Revolutionary Card Product that Empowers Every Lifestyle with Essential Savings
are
committed
to
delivering
tenors of up to four years.
excellence in every aspect of the car-buying
AltDrive's commitment to innovation and
process.
ip/
The Alternative Times
Page 7
Voices from the community: The Rise of Ethical Money Markets in Africa’s #1 Economy By Lukman Seriki The ethical money market in Nigeria is on a steady rise, showing
remarkable
growth.
While
the
range
with the rise of fintech. But fear not, my friends,
range of tenors, subject to rollover on maturity.
of
because
the
market
is
evolving
to
capture
these
available instruments may have been limited in the
Then we have the CBN Non-Interest Note (CNIN), an
past, the Non-Interest Financial Institutions Association
interest-free
of Nigeria (NIFIAN) and the Central Bank of Nigeria
similar to compensating mutual balances. And last but
Parent Banks and Li uidity Solutions
(CBN) are working together to enhance the offerings.
not
Oh, and let’s not forget about the exciting world of
It’s a game-changer.
Securities (CNI-ABS), which is all about securitization
ethical
with IILM. Exciting stuff!
example, with its Non-Interest Banking (NIB) window, a
least,
loan
the
instrument
CBN
that
works
Non-Interest
wonders,
Asset-Backed
Revolutionizing the Money Market
Let’s
rewind
a
few
years.
developments. We’re all about adapting and thriving!
q
banking
windows.
Take
Sterling
Bank,
for
dedicated unit separate from the conventional bank. It’s
Non-interest
financial
Lender of Last Resort- FfLF and IDF
a
the
There’s more! The CBN, being the hero it is, introduced
interest-free loans ranging from overnight to
absence of ethical and interest-free instruments in the
two instruments as a lender of last resort to assist NIFIs
It’s like having the best of both worlds!
money market. They couldn’t participate in the action.
in Nigeria. Enter the Funding for Liquidity Facility (FfLF),
But fear not, my friends, because the CBN stepped in
an overnight instrument at a zero percent interest rate,
A Bright Future Await
and
and the Intra-day Facility (IDF), an instrument for
In conclusion, the ethical money market in Nigeria may
instruments through the 2012 Guideline for operations
same-day
be young, but it’s growing at a remarkable pace. Thanks
of non-interest financial institutions.
financial safety net!
institutions
(NIFI)
introduced
faced
a
three
major
roadblock
liquidity
–
management
business
settlement.
It’s
like
having
a
game-changer
in
liquidity
management,
offering
30 days.
s
to the continuous efforts of NIFIAN and the introduction of new instruments, the market is set to flourish. Get
The Power Trio- CSCA, CNIN, and CNI-ABS
Overcoming Challenges and Embracing Evolution
ready for a future full of endless possibilities in the
Here’s the breakdown of the magic trio. First up, we
Of course, no journey comes without its challenges. The
world of ethical money markets in Nigeria. It’s going to
have the CBN Safe Custody (Wadiah) Account (CSCA),
ethical money market in Nigeria faces legal framework
be extraordinary!
where NIFI can place their surplus with the CBN for a
constraints and concerns about technology disruption
v B D F
99% success rate! Sign me up
a Sustainable v !
The Alternati e ank Takes tance t Eat rink esti al
S
a
By Dumebi Oshunkeye
By Adebayo Aduloju
: You’re on the hot seat of “Who Wants to Be a
Picture this
” and the 10-million-naira question pops up –
Millionaire,
In a vibrant display of commitment to sustainability,
The festival-goers engaged in a lucky dip that
The Alternative Bank recently made waves at the
rewarded
Eat Drink Festival, showcasing its pride product,
bags, stylish Altmall hoodies, and trendy Altpower
“Name a Nigerian commercial bank’s app that guarantees a steady 99% transfer success rate.” You think it’s a trick
Wastebanc. Attendees were not only treated to an
face caps. A special initiative rewarded those who
question because, honestly, reliable bank apps are as rare as
eco-friendly experience but also had the chance to
dropped recyclable PET bottles, turning waste into
a unicorn.
actively participate in fostering a greener future.
branded treasures
them
with
exclusive
Wastebanc
tote
.
The Alternative Bank continues to lead the way in promoting a greener, more conscious future!
You contemplate walking away with your hard-earned winnings, but you decide to use your last lifeline – “Phone a Friend.” Luckily, I’m that friend, and I’m 99% certain of the answer: “Altbank!”
;
Now, I get it you’re probably thinking,
“In God we trust, all
” just like W.E. Deming said. Well,
others must bring data,
: averaged a staggering 99.1% success rate on transfers. Those brilliant folks in Altbank’s Operations Data & Insights unit
here’s the data for you In the past week alone, Altbank has
track it daily.
To put it in perspective, if you used Altbank for 100 transfers
99 of them being successful! (And don’t worry about the 1 that’s not; it’ll be reversed to you within 24 hours.) Now, that’s impressive.
at once, you could confidently count on
In the immortal words of the great modern philosopher, Ololade Asake, who declared time and time again,
”
“I swear I
no go dull.
—
Dear reader, heed the wisdom, don’t be left behind head to the Playstore or IOS store now, and download Altbank.
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spot the difference
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Page 11
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Editorial Team
Doyinsola Suulola
Bofamene Berepamo
Taiwo Odunade
Jokotola Aregbesola
Editor-in-Chief
director OF COMMUNICATIONS
Creative Director
Head of Editorial team
The Alternative Times
Page 12
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