Sterling Holdco unveils the alternative bank to give no-interest loans to customers

Sterling Financial Holdings’ ethical banking subsidiary, The Alternative Bank, has officially launched in three major cities: Lagos, Abuja, and Kano.

Garba Mohammed, Executive Director of The Alternative Bank, said the development creates wealth for all in a sustainable way by doing things differently and taking a different model to partner with its customers.

This came after Sterling Bank Plc announced on Thursday, April 6, 2023, that it had completed an essential step in its ongoing efforts to shift from a financial institution to a holding company.

According to Punch report, the Managing Director, Hassan Yusuf, noted that the bank is helping to create wealth through a platform where everyone can succeed.

He said: “We believe that banking should be a platform for shared prosperity, where everyone benefits. And this explains why we refer to our customers as partners, because we believe we are on a journey of wealth creation where profits are shared, and customers are provided with funds without incurring interest charges.”

According to the bank, the goal of the zero-interest banking principle is to promote sustainable business practises, ethical investing, and monetary choices that have a good influence on society and the environment.

While its AltCoin gives investors the chance to invest in gold and preserve and increase their money, the Alternative Bank also just introduced a new innovation in retail investments.

The Alternative Bank started in 2014 as Sterling Alternative Finance after Sterling Bank Plc was granted permission by the Central Bank of Nigeria to run a non-interestGroup'sg operation.

It noted that the Alternative Bank will function as the Group’s non-interest banking subsidiary after Sterling’s recent conversion to a full-fledged financial holdings company, while Sterling Bank Limited will keep on offering traditional banking services.