Current partners
The Alternative Bank (AltBank) commenced its journey in January 2014 as a non-interest banking window in Sterling Bank, with a vision to create a dynamic banking experience that respects individuality and speaks the language of its customers and 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.
AltBank’s model is guided by two core principles: zero interest lending, and profit-sharing, underpinned by a partnership-based approach to of financing that involves risk-sharing. This allows the Bank to offer financing products to rural and agri-SMEs with flexible repayment terms and ethical pricing (markups).
In 2024 Small Foundation and The Alternative Bank began a multiyear partnership to support rural and agri-SMEs across Nigeria to access much needed working capital. Through this collaboration, the new Murabaha product will enable these businesses to scale, attract capital from local financial institutions, and improve efficiencies, opportunities, and livelihoods within agricultural ecosystems.
