AltBank Targets Nigeria’s Informal Transport Sector With New EV Financing Push
The Alternative Bank (AltBank) is making a major push into electric vehicle (EV) financing in Nigeria, targeting the country’s largely informal transport sector as a key growth market — and a pathway to broader financial inclusion.
The bank announced the initiative at the Abuja Compact on Electric Mobility Roundtable, where government officials, financiers, and industry stakeholders gathered to map how electric mobility can accelerate Nigeria’s economic growth and energy transition.
Why Nigeria’s Transport Sector Is Central to the EV Opportunity
AltBank’s Divisional Head of Commercial & Institutional Banking (Core North), Mohammed Abdul, framed the transport sector as the backbone of Nigeria’s economy.
“Without transport, you cannot effectively achieve growth in any of the other sectors. Mobility powers everything,” Abdul said. “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.”
The bank argues that electric vehicles are no longer just a clean energy story — they are income-generating assets capable of creating jobs, cutting operating costs, and opening new credit pathways for transport operators historically locked out of formal lending.
Islamic Finance Models at the Core of AltBank’s EV Strategy
A central pillar of AltBank’s approach is the use of Sharia-compliant financing structures tailored to operators with irregular incomes and limited credit histories — the defining reality of Nigeria’s informal transport market.
“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,” Abdul explained.
“Our goal is to provide end-to-end financing solutions that are practical, accessible, and aligned with real economic activities,” he added.
Retrofitting, Partnerships, and a Pilot Scaling Toward West Africa
AltBank is already working with partners to expand EV adoption nationally, including retrofitting existing petrol-powered vehicles as a lower-cost transition option for operators who cannot afford new EVs outright.
The bank has existing relationships with Nigerian EV manufacturers NORD and Bankrol CamelEV, and is collaborating with Niger State government and private operator Metro Africa Express to test and scale EV financing for local stakeholders.
What began as a pilot is now targeting full national scale — and eventually West Africa expansion.
Related EV News
- China’s Best-Selling EV of 2025 Is Coming to South Africa in April 2026
- Kenya Ditches 2,500 Petrol Cars for 3,000 Electric Vehicles Amid Middle East War
- Gotion, Chery, and Green Power Morocco to Launch 100-Truck Electric Freight Corridor
- BYD Expands to Rural South Africa — 70 Dealerships Planned by End of 2026
- 2025 Nio ES9 Flagship SUV: Official Images, Specs, Price & April 9 Debut
