The non-interest segment of Nigeria’s banking sector has gotten a boost with the launch of The Alternative Bank in major cities in the country.
Nigeria’s newest entrant into the financial services sector, debuted uniquely, by holding a simultaneous launch event in three major cities across the country – Lagos, Abuja, and Kano, making it the first synchronized multi-city brand launch in Nigeria’s history.
The Alternative Bank is the ethical banking subsidiary of Sterling Financial Holdings.
Speaking at the launch event in Abuja, Executive Director of The Alternative Bank, Garba Mohammed, said “The Alternative Bank is here to create wealth for sustainably, by doing things differently and taking a different model to partner with its customers.”
Speaking from Lagos, Managing Director, Hassan Yusuf, said, “We believe that banking should be a platform for shared prosperity, where everyone benefits. And this explains why we refer to our customers as partners, because we believe we are on a journey of wealth creation where profits are shared, and customers are provided with funds without incurring interest charges.”
The launch event featured the presentation of digital products, designed to bring more people into the formal financial sector with an albeit unconventional approach to e-commerce, investments, assets financing, and renewable energy with solutions such as AltMall for e-commerce, AltInvest for ethical retail investments, AltPower for affordable renewable energy solutions, AltDrive for new and pre-owned vehicle financing, and WasteBanc for the monetization recyclable waste.
In recognition of the unique financial needs of individuals and businesses, The Alternative Bank offers personalized financial consultations, tailored solutions, and one-on-one guidance towards ensuring that customers achieve their financial goals.
The zero-interest banking principle is dedicated to fostering sustainable practices, responsible investments and financial decisions that contribute to positive social and environmental impacts.
The Alternative Bank, also recently launched an innovation in retail investments with the first AltCoin which allows investors to preserve and grow their wealth by investing in gold.
The Alternative Bank started in 2014 as Sterling Alternative Finance, after the Central Bank of Nigeria licensed Sterling Bank Plc to operate a non-interest banking business, and has since grown to become one of the largest ethical banks in Nigeria’s non-interest banking sector.
With the recent completion of Sterling’s transition to a full-fledged financial holding company, The Alternative Bank will operate as the non-interest banking subsidiary of the Group while Sterling Bank Limited will continue to provide conventional banking services.