The Alternative Bank has taken a strategic step to champion economic inclusion through a strategic alliance with the Nasrul-Lahi-Fatih Society of Nigeria (NASFAT) by offering NASFAT’s female members easy access to bespoke, ethical financial solutions that align with their values.
This partnership, formalized by a recent Memorandum of Understanding (MoU), marks a notable milestone for NASFAT women’s financial empowerment and inclusion. Further to this partnership, The Alternative Bank will sponsor the upcoming 8th NASFAT Biennial Women’s Conference, demonstrating their commitment to this cause.
“This partnership transcends a mere business agreement,” says Korede Demola-Adeniyi, Executive Director-South at The Alternative Bank. “It represents a commitment to mutual support and shared prosperity. We recognize the entrepreneurial spirit within the NASFAT community, especially among women, and are dedicated to providing the financial tools they need to turn their dreams into reality.”
NASFAT’s National President, Alhaji Abdulwahid Ayodeji Abdulrauf, echoes this sentiment: “NASFAT is thrilled to embark on this partnership with The Alternative Bank. This MoU cements our collaboration, offering numerous opportunities for all NASFAT members. We’re impressed by The Alternative Bank’s dedication and will ensure this partnership empowers NASFAT members worldwide.”
A critical component of the MoU is the deployment of solar-powered kiosks (AltBoxes and Wakeel kiosks) at NASFAT headquarters and other strategic locations to provide NASFAT members with easy access to essential financial services.
Other initiatives include co-branded dual-purpose cards for the society’s members that function as both debit and identification cards, a Hajj Savings and Contributory Plan to ensure secure savings for Hajj pilgrimage, and a collaboration with Fountain University to streamline payment processes and offer eligible students career development opportunities.
This collaboration extends beyond traditional banking and will focus on youth development and innovative solutions for managing Zakat and Sadaqah. The Alternative Bank is also committed to tailoring financial products specifically for NASFAT women in business, including those seeking Halal-compliant solutions.
“We build partnerships with our clients, not just offer products,” says Medinat Kareem, Head of Cluster and Personal Banking. “We provide financial support without burdensome requirements, all while adhering to ethical banking principles.”
The NASFAT Women’s Conference will address critical issues for Muslimahs, including reshaping gender ideologies, investigating leadership potential, improving mental health services, and prioritizing environmental sustainability.
