CBN Approves as Sterling Holdings Launches New Islamic Bank in 3 Cities to Rival Jaiz Bank, Others
- A new bank has debuted in Nigeria to begin ethical and non-interest banking services
- Owned by Sterling Sterling Financial Holdings, The Alternative Bank will operate non-interest banking services
- The bank launched simultaneously in three cities across Nigeria recently
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Nigeria's newest ethical bank, The Alternative Bank, has debuted with a multi-city launch in three cities nationwide.
The bank launched simultaneously in Lagos, Abuja, and Kano, making it the first multi-city brand launch in Nigeria's history.
Source: Getty Images
The Alternative Bank is a subsidiary of Sterling Financial Holdings.
Bank moves to promote ethical banking in Nigeria
The Managing Director of The Alternative Bank, Hassan Yusuf, stated at the bank's launch in Lagos that banking should be a platform for shared prosperity that benefits everyone.
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He stated that the bank refers to its customers as partners because of the belief that they are on a journey of wealth creation where profits are shared and customers are given funds without incurring interest charges.
The bank's Executive Director, Garba Mohammed, stated that The Alternative Bank has come to create wealth sustainably by doing things differently.
Nairametrics reports that the launch event featured the presentation of digital products to guests, designed to bring more people into the formal financial services sector with an uncommon approach to e-commerce, investments, asset financing, and renewable energy with solutions such as AlMall for e-commerce, AltInvest for ethical retail banking investments, AltPower for affordable renewable energy solutions.
Others are AlterDrive for new and pre-driving financing and WasteBanc for monetizing recyclable waste.
The Ethical Bank offers multi-support services
The bank also offers unique personalized financial consultations, tailored solutions, and one-on-one guidance to ensure customers reach their financial goals.
The bank's zero-interest banking principle promotes sustainable practices, responsible investments, and financial decisions, contributing to positive social and environmental impacts.
The Alternative Bank recently launched an innovation in retail investments with the first AltCoin, which allows investors to preserve and grow their wealth by investing in gold.
CBN approves Sterling Financial Holdings' new banking subsdiary
The bank began operations in 2014 as Sterling Alternative Finance after the Central Bank of Nigeria (CBN) licensed Sterling Bank to operate non-interest banking services 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 move to a full-fledged financial holding company, The Alternative Bank will operate as a non-interest bank. At the same time, Sterling Bank Limited will continue providing conventional banking services.
Access, GTB, Zenith set to get new rival as NOVA gets approval to transition into commercial bank
Legit.ng reported that NOVA Merchant Bank will enter the commercial banking business and challenge Access, Zenith, and other Nigerian commercial banks for customers.
This was disclosed at the company's 6th Annual General Meeting in Lagos, Punch reports.
At the meeting, the company’s NOVA board of directors received approval from its shareholders to commence the transition plan.
Source: Legit.ng
