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Tag: Alternative Bank

  • Alternative Bank takes banking experience  to llorin

    Alternative Bank takes banking experience  to llorin

    The Alternative Bank, Nigeria’s leading non-interest financial institution, is set to reshape the banking landscape with its upcoming Customer Forum in Ilorin, Kwara State,  with the theme: Banking Differently.

    This event follows the success of previous forums in Abuja and Kaduna, where the bank engaged in direct dialogue with customers, collating live feedback to shape its product and service offerings.

    Executive Director of Retail South, Korede Demola-Adeniyi, affirmed, “Banking differently means putting our customers at the centre of everything we do. It is about leveraging technology, ethical banking principles, and personalised service to create an unparalleled banking experience. The Customer Forum is one of the many ways we connect with our customers, listen to their needs, and ensure our services exceed their expectations.’’

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    The Ilorin Customer Forum will be a dynamic platform for customers to interact with the bank, explore innovative products and services, and provide valuable feedback. A highlight of the event will be the showcase of the AltBank app, demonstrating the bank’s commitment to utilising cutting-edge technology for an enhanced customer experience.

    Attendees can explore AltBank’s bouquet of offerings, including on-the-spot shopping with AltMall, accessible financing via the Alt Bank app, and exclusive discounts from Althaven, alongside standard attractions such as product stands, panel discussions, and networking opportunities.

    The Alternative Bank remains committed to promoting entrepreneurship and economic growth. By prioritizing customer needs and innovation, the bank is redefining the financial landscape and setting a new standard for ethical banking.

  • Alternative Bank supports arts, culture

    Alternative Bank supports arts, culture

    The Alternative Bank has reaffirmed its role as a catalyst for change in advancing Culture and the Arts, as evidenced at the recent Kaduna Book and Arts Festival (KABAFEST).

    In a goodwill message from the bank’s Executive Director Garba Mohammed, the institution underscored its commitment to supporting the creative sector and empowering artistic talent nationwide.

    “The Alternative Bank is proud to support the Kaduna Book and Arts Festival as part of our broader commitment to fostering creativity and innovation in Nigeria. By empowering the creative community, we aim to inspire future generations and contribute to the cultural and economic development of our nation,” stated Garba Mohammed.

    An advocate for innovation and creativity, The Alternative Bank intends to significantly contribute to Nigeria’s literary landscape by supporting platforms for local creatives to showcase their creative talent.

    Mohammed explained that the collaboration with the Kaduna Book and Arts Festival (KABAFEST) reflects an acknowledgment of the crucial role of offering a stage for creative minds to showcase their talents and engage with a larger audience in the Nigerian literary scene. Cultivating creativity and backing the creative industry is one of the core areas of interest for The Alternative Bank.

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    Lola Shoneyin, the curator of the Kaduna Book and Arts Festival, said the support from The Alternative Bank, has been instrumental in promoting cultural development in Kaduna State and transforming it into a hub of creativity.

    Commenting on the importance of literary festivals, Shoneyin asked, “How will we grow, how will we understand one another better, if not by pushing ourselves to dialogue about issues that impact our lives? How will we learn to listen to one another, to cultivate tolerance and understanding? How will we fix our blind spots if not by creating safe spaces where we can be open about the concerns we live with on our journeys?”

    The Governor of Kaduna State,  Uba Sani, commended the organizers of KABAFEST for its 5-year growth that has since positively transformed the creative ecosystem of Kaduna State.

    Attendees enjoyed a diverse array of literary discussions, documents, book chats, exhibitions, and performances. The vibrant atmosphere and engaging programming showcased immense talent and cultural diversity in Kaduna state and northern Nigeria.

    The Alternative Bank remains dedicated to initiatives that promote education, culture, and the Arts to create a lasting positive impact on communities across Nigeria.

  • Alternative Bank to raise N20m for social welfare

    Alternative Bank to raise N20m for social welfare

    The Alternative Bank Limited (AltBank) has announced a strategic collaboration with FoodBank and Sterling One Foundation to raise approximately N20 million in support of hunger alleviation and educational initiatives. This initiative aligns with the theme of the African Union Summit 2024, “Educate and Skill Africa for the 21st Century.”

    Hassan Yusuf, Managing Director of The Alternative Bank, unveiled this plan in a press release, highlighting the forthcoming AltWalk event as a pivotal fundraising platform.

     “Through this initiative, we aim to mobilize contributions from both internal and external stakeholders, reaffirming our commitment to education and societal welfare,” stated Yusuf.

    The fundraising campaign aims to secure N20 million, with the proceeds serving dual purposes: providing meals for underserved communities and orphanages through the Lagos FoodBank initiative and delivering quality educational support via Sterling One Foundation.

    This campaign targets individuals, families, businesses, and organizations committed to ending hunger, improving education, fostering healthy living, and positively impacting society.

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    Stakeholder participation and donations are poised to substantially impact critical social issues, including hunger reduction, enhanced education, and healthier lifestyles.

    Yusuf emphasized AltBank’s dedication to empowering customers through innovative solutions in health, food security, and education, positioning them for success in the 21st century. He stressed that education is central to the bank’s mission of bolstering the economy and enhancing financial well-being across society.

    AltBank, Nigeria’s most recent entrant into the financial services sector, made a grand entrance with simultaneous launch events in Lagos, Abuja, and Kano, marking the country’s first multi-city brand launch.

    As the ethical banking arm of Sterling Financial Holdings, The Alternative Bank originated in 2014 as Sterling Alternative Finance under Sterling Bank Plc’s non-interest banking license. It has since evolved into a prominent player in Nigeria’s non-interest banking sector.

    Lagos Food Bank is a non-profit, nutrition-focused initiative committed to fighting hunger, reducing food waste, and addressing malnutrition through targeted programs. Their initiatives aim to improve the nutrition and food intake of vulnerable populations, including children, pregnant women, lactating mothers, seniors, and impoverished families.

    The Sterling One Foundation catalyzes positive social impact across critical sectors of the Nigerian economy. Motivated by the distinct challenges faced by millions of Africans, the foundation aims to achieve Sustainable Development Goals (SDGs), capitalize on the demographic dividend, and improve the standard of living for underserved communities. Through stakeholder-driven interventions, it focuses on employability, sustainability, wealth creation, socioeconomic development, and national progress.

  • Alternative Bank, TK Tech Africa partner on $500m digital sukuk

    Alternative Bank, TK Tech Africa partner on $500m digital sukuk

    The Alternative Bank and TK Tech Africa are poised to transform the landscape of financial technology and non-interest banking in Nigeria through their innovative $500 million digital sukuk initiative.

    This partnership is pioneering the use of blockchain technology for the issuance, trading, and settlement of sukuks, championing ethical and Sharia-compliant investments in the country.

    Group Head of Structured Trade & Commodities Finance at The Alternative Bank, Gbenga Awe, emphasized the bank’s foremost position as a bank-tech, leveraging its digital innovations and competencies in the financial services sector. Awe underscored the bank’s efforts to create wealth by developing digital products for everyone interested in commodities and precious metals. According to him, the initiative will allow anyone to invest in the commodities market through tokenized alternative assets, providing unprecedented flexibility and accessibility.

    He affirmed that the bank’s involvement goes beyond just digital. “We are deeply engaged in the agricultural sector, with significant assets like cocoa, soybeans, sesame, precious metals, and warehousing facilities. Showcasing the bank’s preparedness to support the Sukuk initiative with tangible, real assets,” he elaborated.

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    Founder and CEO of TK Tech Africa, Oludamola Akindolire, spoke on the transformative nature of this collaboration. “We are setting a new benchmark for financial innovation in Africa, offering an ethical investment avenue through the synergy of Islamic finance and blockchain technology,” Akindolire stated. He highlighted the initiative’s target demographic as urban middle- to high-income Nigerians aged 25 to 60, highlighting its role in fostering inclusive economic growth.

    The initiative has received accolades from various industry leaders. Managing Director and CEO of Lagos Commodities and Futures Exchange (LCFE), Akinsola Akeredolu-Ale, commended The Alternative Bank for bringing significant assets to the table, underscoring the importance of engaging the youth in gold investment.

  • Alternative Bank to boost Katsina rural economy

    Alternative Bank to boost Katsina rural economy

    Alternative Bank has promised to support rural economies in Katsina State through innovative financial solutions, tailored to empower local businesses and stimulate sustainable development.

    Katsina State Governor, Dikko Radda has aligned with the bank’s vision with the inauguration of its maiden branch in the state.

    During the bank’s officials’ visit to the state, Radda emphasised the importance of combating poverty, particularly in rural areas, urging the lender to collaborate with the state government to address this challenge.

    Represented by his Special Adviser on Banking, Malik Anas, the governor expressed confidence in the success of The Alternative Bank in the region.

    “One of our aims as a government is to enhance the growth of our people, especially those in rural areas.”

    We seek the cooperation of The Alternative Bank in this area. We are ready to give the necessary support to the bank to forge ahead and contribute to the economic development of Nigeria,” he said.

    The Emir of Katsina, Dr. Abdulmumin Usman, also expressed confidence in the bank’s endeavours, setting the stage for a harmonious relationship between the financial institution and its proud Katsina community.

    Hajiya Fatima Radda, the governor’s wife, echoed the state government’s support for the bank and stressed the importance of including the less privileged, such as widows and orphans, in the bank’s corporate social responsibility initiatives. She remarked, “It was found out that a large number of people living in the local governments of Katsina are largely unbanked, presenting a massive untapped opportunity for the bank.”

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    Executive Director of The Alternative Bank, Alhaji Garba Mohammed, reiterated the institution’s commitment to financial empowerment for all customers, regardless of their status. He echoed the bank’s focus on providing efficient and technology-driven services to facilitate customer and national growth.

    Mohammed remarked, “The Alternative Bank is a bank with a difference. Apart from being a non-interest bank, we promise our customers prompt, loyal, efficient, and technologically driven services. We also promise to promote financial empowerment among our customers, irrespective of their status.

    “When our customers grow, our bank will also grow. This will also lead to the growth and development of our dear country, Nigeria.”

    Furthermore, the bank’s Regional Business Executive, Mallam Wada Nas, assured the Katsina business community and denizens that The Alternative Bank is committed to meeting their banking needs with honesty, professionalism, and competence.

    He said: “We will serve truthfully and prioritise your banking needs. You can be assured of our professional competence.”

  • Alternative Bank’s role in driving economic growth extolled

    Alternative Bank’s role in driving economic growth extolled

    In a resounding endorsement, the Emir of Zazzau, Ambassador Ahmed Nuhu Bamali, has praised The Alternative Bank (TAB) for its impactful role as a non-interest banking institution, driving economic growth through sustainable practices, responsible investment, and financial decisions.

    During the grand inauguration of TAB’s first physical branch in Zaria, Kaduna State, the esteemed traditional ruler delivered a keynote address that underscored the manifold of the non-interest banking institution highlighting its characteristics to “include economic inclusivity, risk-sharing, and adherence to the principles of equality and cooperation.” The overarching theme of his address resonated with the potential of ‘Non-Interest Banking: Opportunities and Benefits for the Nigerian Economy.’ 

    Predicting substantial contributions to GDP growth and the support of Micro, Small, and Medium Enterprises (MSMEs), Emir Bamali urged The Alternative Bank to establish an unbreakable bond with the people of Zazzau Emirate. He envisioned “a new economic era where ethical financial principles harmonize with the cherished values of the emirate, fostering entrepreneurial endeavours and elevating the economic landscape”.

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    Umar Umar, Regional Head of North-Central Sales, Products, and Propositions, proudly declared that the bank, commencing with a modest portfolio, has rapidly emerged as a leading non-interest banking entity in Nigeria.

    Umar highlighted The Alternative Bank’s global reach as a fully digital bank; offering services across Nigeria and beyond through digital channels and acknowledging the enduring partnership with Zaria’s community, he expressed confidence in catalysing the bank’s business and benefiting customers in the region through this new branch.

    Reflecting on the bank’s decade-long journey from a window in Sterling Bank Limited to a standalone non-interest bank, Umar emphasizes growth from an initial capital of N500 million to over N50 billion, showcasing unique products in the non-banking sector.

    TAB, the ethical banking subsidiary of Sterling Financial Services Holdings Company Plc (Sterling Holdco), stands as the latest entrant into the Nigerian financial services industry. With the opening of the Zaria branch, TAB aims to make a lasting impact in the North-Central region, encompassing Benue, Kogi, Kwara, Nasarawa, Niger, Plateau, and the Federal Capital Territory.

  • The Alternative Bank shapes financial landscape

    The Alternative Bank shapes financial landscape

    The Alternative Bank has unveiled two of its major financial products at the on-going Kano International Trade Fair namely AltBiz and AltInvest.

    This marks a significant step for the bank as it continues to play a pivotal role in shaping the financial landscape especially in the northern region.

    Whilst AltBiz caters to the financial needs of businesses, offering a comprehensive suite of services to fuel growth, innovation, and sustainability; Altinvest, a digital investment platform empowers individuals to navigate seamlessly the investment world, blending ethical and digital features for increased accessibility.

    The products were unveiled to the public at The Alternative Bank Day, which was a day dedicated to the bank as a major sponsor of the trade fair. 

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    Executive Director at The Alternative Bank, Garba Mohammed remarked, “The Kano International Trade Fair is a vibrant platform, and we are thrilled to introduce AltBiz and AltInvest as innovative solutions that underscore our commitment to fostering economic growth and financial inclusivity. These products align with our vision of providing accessible and tailored financial services to both businesses and individuals in this region.”

    The event which took place at the spectacular booth of bank witnessed a large turn out of visitors who wanted to open accounts or make enquiries about the new products.

  • Sterling’s The Alternative Bank, Gambian bank explore collaboration

    Sterling’s The Alternative Bank, Gambian bank explore collaboration

    The Alternative Bank (TAB), the non-interest subsidiary of Sterling Financial Holdings Company and The Gambia’s Banque Sahelo-Salarienne pour l’Investissement et le Commerce (BSIC) have launched a business relationship expected to lead to cooperation on many areas. 

    BSIC is on a two-week exchange programme at TAB with a view to promoting collaboration between the non-interest banking sectors of Nigeria and Gambia’s financial services sectors.

    Managing Director, The Alternative Bank (TAB), Hassan Yusuf, said the four-member delegation from BSIC is embarking on study tour of TAB’s operational and business processes as part of the prerequisites stipulated by The Gambia’s Central Bank to establish an operational window for a non-interest bank in The Gambia.

    Yusuf explained that the visit will help nurture stronger relationships between TAB and BSIC.

    According to him, the exchange programme has the potential for significant impact on Gambia’s financial landscape specifically, and the broader scope of the continent’s non-interest banking market.

    Team Lead, Banque Sahelo-Salarienne pour l’Investissement et le Commerce (BSIC) and Director of the Islamic Banking Window, Mr. Malick Joof said the visit provided an opportunity to learn first-hand in one of the most technologically advanced financial services markets on the continent.

    “With this visit, we can take forward learnings that will further improve our operations in Gambia, and hopefully begin to lay the foundations for collaborations with the potential to expand ethical banking across the continent,” Joof said.

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    BSIC was established in April 1999 by the Community of Sahel-Saharan States, CEN-SAD, with a mission to serve as the financial vehicle for the economic integration of the CEN-SAD nations, and to facilitate the regional integration of the African continent.

    The BSIC group operates in 14 African countries and aspires to be a prominent banking group on the continent, distinguishing itself as the sole bank providing investment and commercial services in the Gambian banking industry.

    The recently launched TAB is actively offering digital products and services to customers, employing an unconventional approach to e-commerce, investments, asset financing, and renewable energy solutions. These include 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 monetizing recyclable waste. In addition to these offerings, TAB provides personalised financial consultations, tailored solutions, and one-on-one guidance to help customers achieve their financial goals.