The Alternative Bank, Nigeria’s latest entrant into the financial services sector, has launched in a spectacular fashion with simultaneous launch events in three major cities across the country: Lagos, Abuja, and Kano. This multi-city brand launch is the first of its kind in Nigeria’s history. The Alternative Bank is an ethical banking subsidiary of Sterling Financial Holdings.
Hassan Yusuf, the Managing Director of The Alternative Bank, emphasized the bank’s vision of making banking a platform for shared prosperity, where customers are referred to as partners. The bank’s approach is centered on wealth creation, profit sharing, and providing customers with funds without incurring interest charges.
The Alternative Bank’s launch events introduced digital products designed to expand access to formal financial services, offering unconventional approaches to e-commerce, investments, asset financing, and renewable energy solutions. These include AltMall for e-commerce, AltInvest for ethical retail investments, AltPower for renewable energy solutions, AltDrive for vehicle financing, and WasteBanc for recycling waste monetization.
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The bank also offers personalized financial consultations, tailored solutions, and one-on-one guidance to help customers achieve their financial goals. The zero-interest banking principle is dedicated to promoting sustainable practices, responsible investments, and financial decisions that contribute to positive social and environmental impacts.
The Alternative Bank recently launched an innovation in retail investments with the introduction of the first AltCoin, allowing investors to preserve and grow their wealth by investing in gold.
The Alternative Bank, originally known as Sterling Alternative Finance, started in 2014 after the Central Bank of Nigeria licensed Sterling Bank Plc to operate a non-interest banking business. It has since become one of the largest ethical banks in Nigeria’s non-interest banking sector. With the completion of Sterling’s transition to a full-fledged financial holdings company, The Alternative Bank operates as the non-interest banking subsidiary of the Group, while Sterling Bank Limited continues to provide conventional banking services.
