The Alternative Times V1

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.

j

j

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.

The Alternative Times

Page 8

altbank.ng/altpilgrimages/ Scan to Get Started

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spot the difference

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Page 11

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Page 11

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

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