A new ethical banking subsidiary, The Alternative Bank, under Sterling Financial Holdings, has entered Nigeria’s financial services industry with launch events held simultaneously in Lagos, Abuja, and Kano.
Speaking from Lagos, Hassan Yusuf, the Managing Director of The Alternative Bank, emphasized the institution’s vision of inclusive prosperity, referring to customers as partners, reflecting a commitment to profit-sharing and interest-free funding.
During the Abuja launch, Garba Mohammed, the Executive Director, highlighted The Alternative Bank’s mission to foster sustainable wealth creation through innovative partnerships with customers.
The launch events showcased digital product offerings, presenting an unconventional approach to e-commerce, investment, asset financing, and renewable energy solutions. Notable solutions included AltMall for e-commerce, AltInvest for ethical retail investments, AltPower for affordable renewable energy, AltDrive for vehicle financing, and WasteBanc for waste monetization.
Recognizing diverse financial needs, The Alternative Bank provides tailored financial consultations and guidance, adhering to a zero-interest banking principle that promotes responsible investments and sustainable financial decisions benefiting society and the environment. Recently, the bank introduced an innovative retail investment opportunity, AltCoin, allowing investors to safeguard and grow their wealth through gold investments.
Initially established in 2014 as Sterling Alternative Finance following approval from the Central Bank of Nigeria, the bank has evolved into one of the leading ethical institutions in Nigeria’s non-interest banking sector.
With Sterling’s recent transition into a full-fledged financial holdings company, The Alternative Bank will function as the non-interest banking subsidiary, while Sterling Bank Limited will continue to deliver conventional banking services.