The Alternative Bank has the most unusual origin story in Nigerian non-interest banking. It spent nearly a decade as Sterling Bank's non-interest window (Sterling Alternative Finance, approved January 2014) before the CBN granted it a full standalone licence in July 2023, making it the non-interest subsidiary of Sterling Financial Holdings. It launched simultaneously in Lagos, Abuja and Kano in October 2023 and promptly delivered the sector's most striking first full year: profit after tax of N10.08 billion in FY2024, roughly four times the prior period, on total assets of N307.5 billion, up 68%. More importantly for a values-driven customer, its audited balance sheet and governance are the most verifiable in the market. Product details below come from our crawl of altbank.ng on 4 August 2026.
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A balance sheet you can actually inspect
Most banks ask you to trust that deposits fund halal assets. AltBank's audited 2024 accounts let you check: N65.8 billion in sukuk, N41.3 billion in financing assets structured as trade and lease contracts, N27.1 billion in commodity stocks, N5.4 billion in a halal portfolio, N4.2 billion in Musharakah investments and N2.5 billion in gold bullion, with no conventional interest-bearing loan book anywhere on the statement. Financing income arises from markup, lease rentals and partnership shares. If you want evidence rather than assurance that your savings stay out of the interest system, this is the strongest paper trail a Nigerian bank currently offers.
The retail shelf
- AltSave: the flagship digital savings account. Zero minimum balance, no hidden charges per the bank's pitch, 24/7 app and web banking with a debit card, and N1,000 referral rewards. Profit sharing comes from the non-interest asset pool, but no rates or ratios are published.
- AltCheck: the current account. No withdrawal charges, no commission on turnover, interest-free emergency funds access delivered through Shariah-compliant financing contracts rather than an overdraft at interest, and a card proposition (The Club) with international spending.
- AltCurrency: domiciliary banking in your currency of choice with a debit card. Custody-based with no interest legs; supported currencies, FX spreads and transfer fees are unpublished, so get a written quote for your corridor.
- AltPilgrimages: a target-year Hajj and Umrah savings plan with weekly or monthly contributions and bundled pilgrimage packages. The underlying deposit contract and package pricing are not published.
- AltRent, EduFund and AltTrust: rent advances repaid monthly, short-term education funding, and an education trust with Takaful cover for death or permanent disability. Practical products, but contract names and pricing are absent from the pages.
- Youth Banking: variants for secondary and tertiary students under the same digital umbrella.
The only published SME pricing in the market
Every other Nigerian non-interest bank describes its financing as competitive and stops there. AltBank publishes numbers, and they deserve quoting exactly (verified 4 August 2026): AltBiz working capital and equipment finance up to N5,000,000 per business at 15.5% flat per annum with 3% insurance, a 20% commitment deposit (Hamish) and 24-month maximum tenure. AltLease asset finance up to N20,000,000 at 30% per annum (explicitly not flat) with a 30% Hamish, the bank retaining ownership as a true Ijarah. SWAY AG agriculture finance up to N20,000,000 at 9% per annum, designed especially for women and youth, with a 5% security deposit and 2% takaful cost. Social Mobilization facilities up to N250,000 at 9.5% per annum for members of market and trade associations. Whether those prices suit you is your call; that you can read them before walking into a branch is worth real credit.
Governance: the signed report
AltBank's Advisory Committee of Experts publishes a signed annual Shariah compliance report inside the audited accounts, with each member's Financial Reporting Council registration number: Shaykh AbdulKader Thomas (chairman, 35-plus years in Islamic finance, Shariah board experience at Bank Muscat Meethaq and University Bank USA, and advisor to Sterling's non-interest business since 2013), Hon. Justice AbdurRaheem Ahmad Sayi (Qadi of the Independent Shari'ah Panel of Lagos State) and Shaykh Abubakar Muhammad Musa (Sharia advisor at SHAPE Knowledge Services Kuwait, former ISRA researcher). No Nigerian peer currently publishes an equivalent signed certification. It is the difference between claiming compliance and documenting it.
The honest weaknesses
Three things temper the enthusiasm. First, savings yield opacity: like every peer, AltBank publishes no profit rates or depositor sharing ratios for AltSave, which makes yield comparison impossible. Second, physical thinness: 20 branches (five of them co-locations), 4 Wakeel agent shops, 34 kiosks and 65 Altboxes at end-2024 is a deliberately light footprint; cash-heavy businesses and branch-first customers will feel it. Third, housekeeping: legacy Sterling and SAF copy still appears on live pages two years after the spin-off, and several retail products name no contract at all. A bank this good at publishing its ACE report should name the contract behind AltRent and AltPilgrimages.
Who AltBank fits
Digital-first savers who want verifiable governance, SMEs that want to see financing prices before applying, and diaspora customers pairing AltCurrency with the bank's Diaspora Home Finance. Branch-dependent users and anyone needing wide cash infrastructure should look at Jaiz or Lotus first. Compare the lineup on HalalWallet's bank accounts page.
Frequently asked questions
Is The Alternative Bank part of Sterling Bank?
It is a sister company, not a department. Since July 2023 it has been a standalone CBN-licensed non-interest bank under Sterling Financial Holdings, alongside the conventional Sterling Bank. Its balance sheet, licence and Shariah governance are its own, and the audited accounts show no interest-based assets.
Does AltSave pay profit?
The account draws on a Mudaraba-type profit-sharing framework from the bank's non-interest asset pool, but AltBank publishes no rates, historical distributions or sharing ratios (verified 4 August 2026). Ask in-app or at a branch for the current terms in writing before treating it as a yield product.
What is a Hamish deposit?
A commitment or security deposit the bank takes before executing an asset purchase on your behalf: 20% of the facility on AltBiz and 30% on AltLease per the published terms. It demonstrates seriousness and covers the bank if you walk away after it buys the asset; it is not an interest charge.
Is AltBank safe given how new it is?
The licence is new (2023); the operation is not. The business ran for nearly a decade as Sterling Alternative Finance before the spin-off, deposits carry NDIC insurance, and the FY2024 accounts show N10.08 billion profit after tax with a clean non-interest asset mix. The genuine constraint is physical: 20 branches nationally.
Who should use SWAY AG?
Smallholder farmers, processors and agro-businesses, with the design aimed especially at women and youth: up to N20,000,000 at a published 9% per annum, 5% security deposit and 2% takaful on the financed asset, with cooperative registration where applicable. It is among the cheapest published halal financing in Nigeria; see our business financing guide for the wider field.
What are Wakeel shops and Altboxes?
They are AltBank's answer to a thin branch network: alongside its roughly 20 branches, the bank operates 4 Wakeel shops (agent-style service points), 34 kiosks and 65 Altboxes (self-service touchpoints), per its published network figures. The design philosophy is app-first with physical infrastructure as backup, which works well for digitally comfortable customers and less well for cash-heavy or document-intensive banking. Check the locations page before assuming a touchpoint near you handles the service you need.
Compare providers in your state
See side-by-side comparisons of Shariah-compliant products, or let our matcher recommend the best options for your situation.
Can I open an AltBank account entirely in the app?
Onboarding is app-first by design, with in-app account opening as the core flow. As at every Nigerian bank, KYC tiers govern what a purely remote account can do: lower tiers open with minimal documentation but cap deposits and balances, while full-tier accounts may require document verification. Have your BVN, valid ID and proof of address ready, and expect the tier caps until verification completes.