At the recently concluded 7th African International Conference on Islamic Finance (AICIF) in Lagos, The Alternative Bank received the prestigious ‘Innovative Bank of the Year’ award, reaffirming its position as a trailblazer in non-interest and inclusive banking across Africa.
The event, held at Eko Hotels, recognised outstanding institutions and individuals advancing ethical and interest-free finance on the continent. Organisers described the awards as a celebration of creativity, transparency, and commitment to sustainable financial practices.
In a statement on Wednesday, the bank said the recognition underscores its mission to deliver transformative financial solutions rooted in integrity and innovation.
“This award affirms what we’ve always believed — that innovation and integrity can coexist at the heart of banking,” said Korede Demola-Adeniyi, Executive Director (South) at The Alternative Bank. “It reflects the trust our clients place in us and our shared vision of a more sustainable and inclusive future.”
Chairman of the AICIF Award Panel, Prof. AbdulRazzaq Alaro, commended the awardees, noting that the selection process was transparent and reflective of significant progress in promoting non-interest finance across Africa.
“The AICIF awards are a special way of recognising the exceptional innovation and dedication demonstrated by individuals and organisations in advancing Islamic finance across the continent,” he said.
The Alternative Bank, originally launched as a non-interest banking window in 2014 and officially licensed as a standalone bank in 2023, continues to redefine modern banking through technology-driven, ethical solutions.
Among its innovative offerings are the AltElite premium banking suite and a gold-based rewards system, both designed to enhance value for customers while promoting financial inclusion.
As one of Nigeria’s fastest-growing non-interest banks, AltBank says it remains committed to pioneering new solutions that empower Africans to participate in a more sustainable financial future.