The Alternative Bank (AltBank) has unveiled an ambitious agenda for 2026, aiming to leverage non-interest banking (NIB) as a key driver of financial inclusion and sector-focused development across Nigeria.

In an interview with Islamic Finance Viewpoint, Korede Demola-Adeniyi, Executive Director, South, highlighted that the NIB sector remains largely underdeveloped, accounting for just 1.7% of Nigeria’s total banking assets in 2024, despite growing demand for value-driven financial services.

“Non-interest banking is not niche banking. It is designed for inclusion. We are not selling to Muslims alone. We are offering a value proposition that works for everyone,” Demola-Adeniyi said, stressing that stronger advocacy, public education, and product innovation are essential to unlock the sector’s full potential.

She expressed optimism that increased capitalisation and clearer regulatory frameworks in 2026 will empower non-interest banks to play a more significant role in Nigeria’s economic transformation.

AltBank’s strategy for 2026 focuses on sectors with high developmental impact, including healthcare, education, agriculture, renewable energy, and transportation. The bank is also exploring structured participation in the creative economy through strategic partnerships, while remaining fully compliant with NIB principles.

“These are sectors that shape lives and livelihoods. Our responsibility is to design financing structures that solve real problems, not just disburse funds,” she noted.

Addressing concerns over perceived over-collateralisation in non-interest finance, Demola-Adeniyi explained that the NIB model is partnership-based rather than interest-driven, emphasising transparency and shared risk between banks and customers.

“The NIB model demands honesty and collaboration. When customers understand that the bank is a partner, not just a lender, trust deepens and outcomes improve,” she added.

Currently, AltBank operates over 130 branches and service locations nationwide through strategic partnerships. The bank plans to expand to about 500 locations in 2026, alongside enhanced financial literacy programmes and agent empowerment initiatives aimed at deepening financial inclusion and broadening access to ethical finance across Nigeria.