The Alternative Bank (AltBank) has officially commenced a major push for the penetration of electric vehicles (EV) into the country amid rising price of fuel occasioned by crisis in the Middle East.
It stated that EV financing push would position the transport sector as a key growth opportunity, saying it seeks to bring Nigeria’s largely informal transport market into the formal financial system.
Mohammed Abdul, Divisional Head, Commercial & Institutional Banking (Core North), stated this in the nation’s capital on Tuesday at the Abuja Compact on Electric Mobility Roundtable.
The official explained that beyond clean energy, EVs are emerging as income-generating assets that can create jobs, reduce operating costs, and open new pathways to financial inclusion for transport operators.
According to him, it was observed that transporters have historically been shut out of conventional lending in the banking sector, adding that it has mapped out plans for EV financing.
“Without transport, you cannot effectively achieve growth in any of the other sectors. Mobility powers everything. If you need to get to a hospital, you need mobility.
“If you are moving from home to the farm, you need mobility. Even in renewable energy operations, mobility is essential,” Abdul said.
He pointed out the sector’s growing economic impact, particularly in job creation and income growth, noting that the shift toward EVs is generating higher-paying opportunities and improving livelihoods across the value chain.
Daily Trust reports that the Bank is already working with partners to expand EV adoption across the country, including exploring retrofitting as a lower-cost entry point for operators looking to transition from petrol-powered vehicles.
AltBank’s strategy, according to Abdul, draws on its roots as a non-interest banking institution, saying it adopts financing structures suited to the realities of Nigeria’s transport sector, where many operators lack formal credit histories and earn irregular incomes.
He added, “Using models such as Musharakah, where both parties contribute capital and share profits, or Mudarabah, where we provide funding and you bring expertise, we can jointly invest in viable ventures.
“These models are designed to address the realities of Nigeria’s informal transport sector, where credit histories are limited and income streams are irregular. Our goal is to provide end-to-end financing solutions that are practical, accessible, and aligned with real economic activities.”
The roundtable featured a closed-door session, keynote address, panel discussions, and an open strategy dialogue.