New Bank Launches Head Office, Invites Nigeria to Apply for Loan Without Interest

• The Alternative Bank Head Office Workspace and Marina branch was launched in Lagos
• Dignitaries from across the financial services sector in the country graced the event
• The Alternative Bank is the ethical banking division of Sterling Financial Holdings

Legit.ng journalist Zainab Iwayemi has over 3-year-experience covering the Economy, Technology, and Capital Market.

The Alternative Bank has unveiled its head office and workplace at the Alternative Bank Head Office Workspace and Marina branch in Lagos.

The launch saw the presence of dignitaries from across the financial services sector.

Some of them include; Fatai Tella, Chief Operating Officer, The Alternative Bank, Korede Demola-Adeniyi, Executive Director, South, The Alternative Bank; Muhtar Bakare, Chairman of the bank; Temi Dalley, Chief Human Resources Offucer, Sterling HoldCo; and Mrs. Abimbola Suleiman, Executive Director, ARM Pensions during the launch of The Alternative Bank Head Office Workspace and Marina branch in Lagos recently.

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More about alternative bank

Legit.ng reported that Sterling Financial Holdings’ ethical banking subsidiary, The Alternative Bank, has officially launched in three major cities: Lagos, Abuja, and Kano.

Garba Mohammed, Executive Director of The Alternative Bank, said the development creates wealth for all in a sustainable way by doing things differently and taking a different model to partner with its customers.

This came after Sterling Bank Plc announced on Thursday, April 6, 2023, that it had completed an essential step in its ongoing efforts to shift from a financial institution to a holding company.

According to Punch, the Managing Director, Hassan Yusuf, noted that the bank is helping to create wealth through a platform where everyone can succeed.

He 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.”

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According to the bank, the goal of the zero-interest banking principle is to promote sustainable business practises, ethical investing, and monetary choices that have a good influence on society and the environment.

While its AltCoin gives investors the chance to invest in gold and preserve and increase their money, the Alternative Bank also just introduced a new innovation in retail investments.

Nigerian Bank Downgraded for Breach of Minimum Regulatory Capital

Legit.ng reported that Union Bank of Nigeria Plc's Long-Term Issuer Default Ratings (IDR) have been lowered by Fitch Ratings from "B-" to "CCC," and its National Long-Term Rating has been downgraded from "BBB(nga)" to "B+(nga)."

A downgrading of the bank's Viability Rating (VR) from "b-" to "ccc" was also made due to worries about potential capital requirements violations.

Fitch also confirmed UBN's Government Support Rating (GSR) of "no support" in its rating that was made public on Friday.

Source: Legit.ng