The Alternative Bank
“Can a Sharia-compliant, non-interest digital bank become the ethical alternative for Nigerian retail and SME banking?”
Founded2014
HQLagos, Nigeria
Total raised$15M
IndustryBank / National
The story
Started 2014 as Sterling Alternative Finance — the Islamic/Non-Interest Banking window inside Sterling Bank Nigeria. In July 2023 the Central Bank of Nigeria issued a full standalone banking license, spinning it out as Alt Bank Limited (dba The Alternative Bank), Nigeria's Sharia-compliant non-interest digital bank. Product strategy centers on ethical/NIB-compliant retail and business banking, agri-SME financing, and a Mastercard/Verve/Afrigo card program.
Last 12 months
Product timeline
2014
Launched as Non-Interest Banking (Islamic Finance) window within Sterling Bank· pivot
2023
Central Bank of Nigeria issued a full standalone Non-Interest Banking License to The Alternative Bank· banking
2024
Partnership with Small Foundation to explore Sharia-compliant agri-SME lending in Nigeria· lending
Regulated entities
1
regulatory licence held by The Alternative Bank
Licence types, jurisdictions and registered entities are in the Embedded Finance Index report.
Same company
The Alternative Bank was analysed under more than one name on the same domain, so its stack is split across these dossiers. Each was analysed independently and may name providers the others do not.
The stack
8 layers disclosed in The Alternative Bank’s embedded-finance stack
Payments / PSP
The Alternative Bank (in-house)
Banking / BaaS
in the full report
Card issuing
in the full report
Card network
in the full report
Lending
in the full report
Insurance
in the full report
FX & payouts
in the full report
Investing
in the full report
Accounting gap: none
14 more providers across 7 layers, with confidence-scored evidence and source URLs, are in the Embedded Finance Index report.