The arrival of Nigeria’s largest ethical bank, The Alternative Bank, has been endorsed by the Emir of Kano, Alhaji Aminu Ado Bayero, as the bank opens its first stand-alone branch in the ancient city. The Emir made the remarks during the launch of the bank, describing it as a transformative force that will significantly impact individuals and businesses in the state.
Speaking during the inauguration of The Alternative Bank’s newest branch, the Emir declared that the bank’s presence in Kano marks the dawn of a revolutionary era in banking, marking a transformative shift in the financial landscape of the state.
He continued by noting the crucial role that financial institutions play in shaping contemporary society and reiterating The Alternative Bank’s commitment to ethics, openness, and substantial and long-term economic growth.
He stressed that the bank is a testament to an obligation beyond profit margins.
Similarly, the Emir noted that The Alternative Bank stands firm in its commitment to principles that transcend mere profit motives, urging the community to support the bank in its dedication to ethical banking practices.
Also speaking at the branch launch, The Alternative Bank’s Executive Director, Garba Mohammed, described the bank as ethical. Mohammed said,” We are proud to be part of this remarkable event to flag off the commencement of this bank, which will no doubt be of great service to our people.”
Mohammed further expressed that the bank’s investment decisions adhere to the highest ethical standards and that it is unique in sharing profits with customers, highlighting a shared prosperity approach.
The Executive Director said, “The Alternative Bank aspires to be a force for positive change, channelling resources into projects that uplift communities, empower individuals, and contribute to the greater good. Our dedication to responsible and sustainable banking ensures a focus on long-term prosperity while minimising adverse effects on the environment and society.”
He further explained, “Experts opine that this system of banking is the best alternative to conventional banking, considering the challenges faced by other banks, which are absent in ethical banking.”
Moreover, he pointed out that the bank’s appeal extends to everyone regardless of faith due to factors that simplify business operations. Mohammed called on the community to embrace the bank, adhering to Islamic teachings regarding the banking system.
Established in 2014 as Sterling Bank Alternative Finance, The Alternative Bank has since obtained a licence from the Central Bank of Nigeria to operate as a non-interest banking institution. Over the years, it has evolved to become a leading player in Nigeria’s non-interest banking sector.