Kuni Tyessi in Abuja
The Different Financial institution, has unveiled a progress and affect agenda for 2026, positioning non-interest banking as key driver of economic inclusion, moral finance and sector-focused improvement in Nigeria.
Talking throughout an interview on islamic finance, Govt Director for South, Korede Demola-Adeniyi, stated the non-interest banking sector stays considerably under-penetrated, accounting for simply 1.7 per cent of Nigeria’s complete banking property as at 2024, regardless of rising demand for moral and value-based monetary providers.
She famous that whereas the business recorded modest progress in 2025, deeper advocacy, public training and product innovation are required to unlock its full potential.
“Non-interest banking just isn’t area of interest banking. It’s moral banking designed for inclusion. We aren’t promoting to Muslims alone. We’re providing a price proposition that works for everybody,” Demola-Adeniyi stated.
With elevated capital and clearer regulation anticipated to form the sector within the new 12 months, she expressed confidence that non-interest banks would assume a extra outstanding position in Nigeria’s financial transformation.
In accordance with her, AltBank’s progress technique for 2026 will prioritise sectors with sturdy developmental affect, together with healthcare, training, agriculture, renewable power and transportation.
She added that the Financial institution can also be exploring structured participation within the inventive economic system by means of partnerships, whereas remaining absolutely compliant with non-interest banking ideas.
“These are sectors that form lives and livelihoods. Our duty is to design financing constructions that resolve actual issues, not simply disburse funds,” she stated.
Addressing issues over perceived over-collateralisation in non-interest banking, Demola-Adeniyi defined that the NIB mannequin is partnership-driven reasonably than interest-based, requiring transparency and shared danger between banks and clients.
She pressured the significance of sustained public training to enhance understanding of how non-interest banking constructions work and the advantages they provide.
“The NIB mannequin calls for honesty and collaboration. When clients perceive that the Financial institution is a companion, not only a lender, belief deepens and outcomes enhance,” she stated.
AltBank presently operates greater than 130 branches and repair places nationwide, largely by means of strategic partnerships. The Financial institution plans to scale this footprint to as many as 500 places, alongside intensified monetary literacy programmes and agent empowerment initiatives geared toward deepening inclusion and increasing entry to moral monetary providers throughout the nation.
