The Alternative Bank (AltBank) has unveiled an ambitious agenda for 2026, highlighting non-interest banking (NIB) as a strategic tool to promote financial inclusion and drive sector-specific economic development in Nigeria.
During an interview on Islamic Finance Viewpoint, AltBank’s Executive Director, South, Korede Demola-Adeniyi, stated that non-interest banking remains significantly underutilised, representing only 1.7 per cent of total banking assets in 2024, despite growing demand for value-driven financial services across the country.
Brandspur Banking News Desk reports that AltBank’s growth plan for the year will target sectors with high developmental impact, including healthcare, education, agriculture, renewable energy, and transportation. The bank is also exploring structured partnerships within the creative economy while adhering strictly to NIB principles.
Also read:https://brandspurng.com/2024/05/23/altclub-changes-travel-experience-at-lagos-airport/
Demola-Adeniyi emphasised that non-interest banking is not exclusively for Muslim clients. “We are offering a value proposition that works for everyone. NIB is designed for inclusion, not niche markets,” she said, highlighting the potential for broader financial engagement across diverse demographics.
The executive director further outlined that 2026 would focus on strengthening public awareness, advocating for transparent regulatory frameworks, and leveraging innovative product structures to unlock the full potential of non-interest banking. She stressed the partnership-based model of NIB, which relies on shared risk and transparency, as opposed to interest-driven lending, addressing concerns about over-collateralisation in the sector.
AltBank currently operates over 130 branches and service points nationwide. The bank plans to expand its footprint to approximately 500 locations, alongside intensified financial literacy campaigns and agent empowerment initiatives to deepen access to ethical and inclusive financial services across Nigeria.
“These are sectors that shape lives and livelihoods. Our responsibility is to design financing structures that solve real problems, not just disburse funds,” Demola-Adeniyi added, stressing the bank’s commitment to fostering trust and sustainable outcomes through collaboration with customers.
