The Alternative Bank, Nigeria’s newest entrant into the financial services sector, launched in spectacular fashion by holding simultaneous events in three major cities across the country – Lagos, Abuja, and Kano, making it the first synchronised multi-city brand unveiling in Nigeria’s history. The Alternative Bank is the ethical banking subsidiary of Sterling Financial Holdings.
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”.
At the launch event in Abuja, Executive Director, Garba Mohammed said: “The Alternative Bank is here to create wealth-for-all in a sustainable way, by doing things differently and taking a different model to partnering with its customers”.
The launch events featured the presentation of digital products to attendees, designed to bring more people into the formal financial sector with an unconventional approach to e-commerce, investments, assets financing, and renewable energy, which included solutions like 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 personalised 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 bank also recently launched an innovation in retail investments with the first AltCoin which affords investors the opportunity 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 then 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 holdings 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.
