The Alternative Bank has reiterated its commitment to driving sustainable economic growth in Africa through its catalytic capital approach.

A statement from the bank on Monday said that the innovative financial model was prominently featured at the recently held Africa Social Impact Summit 2024, co-hosted by Sterling One Foundation and the United Nations.

The catalytic capital model prioritises social and environmental impact alongside financial returns.

According to the bank, the model is deeply ingrained in its ethos, noting that its interest-free financing model aligns perfectly with these principles, ensuring investments not only generate profits but also contribute to societal well-being

The summit, themed ‘Reimagining Progress: A New Blueprint for Sustainable Growth in Africa,’ brought together influential figures from both public and private sectors.

The Deputy Governor of Lagos State, Obafemi Hamzat, representing Governor Babajide Sanwo-Olu, emphasised the critical role of catalytic capital in driving sustainable development.

“ASIS 2024 must catalyze collaboration and action towards sustainable development in Africa. Public-private partnerships, fuelled by catalytic capital, are essential for attracting impactful investments,” Hamzat remarked.

Executive Director-South of The Alternative Bank, Korede Demola-Adeniyi, highlighted the transformative power of catalytic capital through flagship projects such as the Lagos Rice Mill and electric transportation for women in Kano.

“These projects exemplify the power of catalytic capital and effective partnerships. By working with partners who provide concessionary financing, training, and other resources, we are making previously unfeasible projects a reality and driving substantial social impact,” she stated.

Sterling One Foundation CEO, Mrs Olapeju Ibekwe, outlined the summit’s goals, stating, “ASIS aims to build and scale partnerships, attract increased impact investment, and advocate for supportive policies.”