Nigeria’s foremost ethical bank, The Alternative Bank (TAB), is expanding its influence beyond national borders through its collaboration with Banque Sahelo-Salarienne pour l’Investissement et le Commerce (BSIC), a Gambian financial institution. The two-week joint program aims to foster cooperation between the non-interest banking sectors of Nigeria and Gambia.
Hassan Yusuf, the Managing Director of TAB, revealed that a four-member delegation from BSIC is currently undertaking a study tour of TAB’s operational and business processes, a prerequisite stipulated by The Gambia’s Central Bank for establishing an operational window for a non-interest bank in the Gambian economy.
Yusuf emphasized that the visit will strengthen the relationship between The Alternative Bank and BSIC, fostering significant impacts not only on Gambia’s financial landscape but also on the broader scope of the continent’s non-interest banking market.
In response, Mr. Malick Joof, the Team Lead for BSIC and Director of the Islamic Banking Window, expressed his enthusiasm for the opportunity to learn from Nigeria’s leading ethical banking organization in one of the most technologically advanced financial services markets on the continent. He highlighted the potential for mutual learning that could enhance BSIC’s operations in Gambia and pave the way for collaborative efforts to promote ethical banking across Africa.
Established in April 1999 by the Community of Sahel-Saharan States (CEN-SAD), BSIC operates in 14 African countries, aiming to play a vital role in the economic integration of CEN-SAD nations and facilitate the regional integration of the African continent. As the sole provider of investment and commercial services in the Gambian banking industry, BSIC aspires to be a prominent banking group across the continent.
The Alternative Bank, known for its recent launch, offers a range of digital products and services, employing innovative strategies in e-commerce, investments, asset financing, and renewable energy solutions. These initiatives 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. TAB also provides personalized financial consultations, tailored solutions, and one-on-one guidance to assist customers in achieving their financial objectives.