By Kehinde Ibrahim, Lagos
THE Alternative Bank’s latest celebration of two awards for sustainable development and humanitarian partnerships has reignited questions about whether corporate recognitions truly reflect measurable social impact or merely reinforce branding efforts at a time when millions of Nigerians remain excluded from the formal financial system.
While the bank has projected the honours as evidence of its commitment to inclusive finance and economic empowerment, industry observers argue that awards and public declarations should be backed by transparent data showing how many underserved individuals and businesses have actually benefited from its interventions. In an economy grappling with rising inflation, high unemployment and widening financial inequality, critics contend that institutions should be judged by tangible outcomes rather than ceremonial accolades.
The bank announced that it received the Champion of Sustainable Development Award at the Africa Social Impact Summit, ASIS, 2026 Impact Capital Dinner in Lagos. It also earned the Distinguished Humanitarian Partnership Award from the National Association of Nigerian Visually Impaired Students, NANVIS, University of Lagos Chapter, during the association’s 20th anniversary celebration.
According to the bank, the awards underscore its growing role in advancing inclusive finance, expanding economic opportunities and supporting communities often overlooked by conventional financial institutions.
However, the recognitions have also drawn attention to the broader debate over whether sustainability awards adequately measure the real-world impact of financial institutions. Analysts note that while such honours acknowledge corporate initiatives, they rarely provide independent assessments of the scale, effectiveness or long-term outcomes of the programmes being recognised.
Nigeria continues to face significant financial inclusion challenges despite years of policy interventions. Millions of small businesses struggle to access affordable financing, while many rural communities and vulnerable groups remain outside the formal banking ecosystem. Against this backdrop, stakeholders argued that financial institutions should publish measurable indicators such as the number of previously unbanked customers reached, the value of financing extended to underserved sectors, repayment outcomes and the economic benefits generated for beneficiaries.
Speaking on the awards, Executive Director for Commercial and Institutional Banking, Lagos and South-West, Korede Demola-Adeniyi, maintained that inclusive finance remains essential to long-term economic development.
According to Demola-Adeniyi, finance creates its greatest value when it expands opportunity by supporting businesses, strengthening communities and ensuring more people have access to tools needed for success.
While the statement reflects the bank’s stated vision, critics argue that the real test lies in whether customers, particularly micro, small and medium-sized enterprises, women-owned businesses and rural entrepreneurs, are experiencing easier access to affordable financial services. They contend that lofty declarations of inclusion risk becoming little more than corporate messaging unless supported by independently verifiable performance metrics.
The Champion of Sustainable Development Award was presented during the Africa Social Impact Summit Impact Capital Dinner, convened by Sterling One Foundation in partnership with the United Nations Population Fund ,UNFPA, and supported by the MacArthur Foundation. The event brought together policymakers, investors, development partners and business executives to discuss financing Africa’s development priorities.
The Distinguished Humanitarian Partnership Award recognised the bank’s collaboration with organisations promoting disability inclusion, education and community development.
Head of Corporate Social Investment, Solomon Okonkwo, said meaningful inclusion requires sustained partnerships that eliminate barriers and create opportunities for individuals to learn, work and contribute to society.
