The Alternative Bank (‘AltBank’) has been honoured as the ‘Innovative Bank of the Year’ at the 7th African International Conference on Islamic Finance (AICIF), underscoring its commitment to transformative, inclusive financial solutions across the continent. The award, presented recently, at the Eko Hotels in Lagos, celebrates the Bank’s commitment to driving positive change through financial products and services grounded in non-interest principles.
AICIF has long been a cornerstone for intellectual discourse and professional excellence in finance across Africa. The awards recognise individuals and organisations that demonstrate exceptional dedication, innovation, and excellence in advancing the principles and practices of non-interest finance.
“This award affirms what we’ve always believed, that innovation and integrity can coexist at the heart of banking,” said Korede Demola-Adeniyi, Executive Director (South) at The Alternative Bank. “It reflects the trust our clients place in us and our shared vision of a more sustainable and inclusive future.”
Professor AbdulRazzaq Alaro, Chairman of the AICIF Award Panel, praised the transparency of the process, commending the awardees for their significant contributions to advancing interest-free financing for Africans. “The AICIF awards are a special way of recognising the exceptional innovation and dedication demonstrated by individuals and organisations in advancing Islamic finance across Africa,” he said.
The Alternative Bank stands out in Nigeria’s banking sector by combining non-interest principles with cutting-edge digital solutions.
Launched as a non-interest window in 2014 and officially licensed as a bank in 2023, the Bank has positioned itself as an industry leader. Its offerings, such as the AltElite premium banking suite and an innovative gold-based rewards system, are redefining banking for a new generation of customers.
By combining non-interest finance principles with advanced digital tools, The Alternative Bank is redefining modern banking for a new generation. AltBank remains committed to pioneering new solutions that empower customers to shape the future of banking in Africa.
About The Alternative Bank
The Alternative Bank commenced its journey in January 2014 as a non-interest banking window in Sterling, with a vision to create a dynamic banking experience that respects individuality and speaks the language of its customers/partners. In July 2023, the Central Bank of Nigeria issued a Banking License to The Alternative Bank, enabling it to operate as a fully-fledged, standalone bank. Guided by its Advisory Committee of Experts (ACE), The Alternative Bank ensures all its operations align with the ethics of Non-Interest Banking. For more information, please visit www.altbank.ng.