What The Alternative Bank does

The Alternative Bank (legal name: Alt Bank Limited) is Nigeria's first standalone non-interest (Sharia-compliant) digital bank, licensed by the Central Bank of Nigeria. It began as a non-interest banking window under Sterling Bank in January 2014 and received a full standalone banking license in July 2023, operating from its headquarters at 22 Marina Road, Lagos. The bank serves both individual consumers and business/corporate customers, with all products and processes reviewed by an Advisory Committee of Experts (ACE) for Sharia compliance. It is guided by a HEART strategy spanning Health, Education, Agriculture, Renewable Energy, and Technology verticals.

The bank's core technology stack centers on the Alfalfa mobile banking app (iOS/Android), the AltPro corporate internet banking platform with OneToken two-factor authentication, and Interswitch-integrated card processing. Its product ecosystem includes consumer accounts (savings, current, domiciliary, corporate), the Afrigo and prepaid/debit card products, an AltClub international banking card via SAF, and a growing suite of specialist financing products: AltMobile device leasing (24-month lease-to-own with upgrades after 12 months), Altdrive vehicle financing, AltPower solar financing, AltMall e-commerce marketplace, Waste Banc recycling finance, Wakeel Islamic finance, and a Banking-as-a-Service platform for health insurance schemes. Distribution combines digital channels with a nationwide physical footprint of altplaces (hybrid co-working/banking spaces, including althaven for women), altboxes (self-service kiosks), traditional branches across all 36 states, and the AltX agent network.

The bank earns revenue through transaction fees (e.g., ₦10-100 tiers on AltPro transfers and bill payments), asset-backed and risk-sharing financing arrangements in pharmaceuticals, agriculture, renewable energy, and electric mobility, lease income from AltMobile device subscriptions, and partnership-driven green and social finance deployments. Notable operational outcomes include 2,150+ electric vehicles and 7MWh+ of decentralized solar deployed through the QORAY partnership, ₦20 billion in clean energy assets mobilized, a first women-owned electric tricycle scheme, and reach across 19 northern states for school-based Ed-Tech and POS deployment. The bank operates with a small team of 11-50 employees and is privately held, with ownership and shareholder structure not publicly disclosed.

Name

The Alternative Bank

Legal name

Alt Bank Limited

Website

https://altbank.ng

Company type

Private

Founded year

2014

Operating status

Operating

Headcount range

11–50 employees

Short description

The Alternative Bank is a Nigerian non-interest (Sharia-compliant) digital bank licensed by the CBN, serving individual consumers and business customers through the Alfalfa mobile app, AltPro corporate platform, and a nationwide network of altplaces and altboxes, with specialist financing across health, education, agriculture, and renewable energy under its HEART strategy.

Ownership category

akta.pro rank

Product category

Non-Interest Banking

NAICS

Depository Credit Intermediation (5221), Commercial Banking (52211)

SIC

National Commercial Banks (6021), Functions Related To Depository Banking, Nec (6099)

akta.pro primary industry

Islamic Retail Banking (FSABAGAA)

akta.pro secondary industries

Shariah-compliant Financing Products (Murabaha, Ijara, Tawarruq, Istisna, Salam) (FSABAGAH), Islamic Corporate Banking (FSABAGAC), Islamic Transaction Banking (Cash Management & Treasury Services) (FSABAGAF), Islamic Private Banking & Wealth (FSABAGAD), Shariah Governance, Compliance & Advisory (Shariah Boards, Audit, Fatwa) (FSABAGAJ)

Keywords

• Non-interest banking
• Digital banking services
• Islamic finance
• Corporate banking
• Asset-backed financing

Headquarters

HQ city

Lagos

HQ country

Nigeria

HQ region

Africa

Offices10 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Infrastructure, Marketing or Sales

Revenue model

1. Digital Banking Services: Transaction fees for transfers, bill payments, and corporate banking services processed through AltPro platform. Fee structure: ₦10 for transfers ₦0-5,000, ₦25 for ₦5,001-50,000, ₦50 for ₦50,000+, and ₦100 for bill payments.
2. Financing and Asset-Backed Lending: Asset-backed and risk-sharing financing models for sectors including pharmaceuticals, agriculture, renewable energy, and electric mobility. Includes vendor, distributor, and supply chain financing.
3. AltMobile Device Leasing: Mobile device leasing under Sharia-compliant arrangements with monthly installments over 24 months, including upgrade options and insurance coverage.
4. Agricultural Financing: Commodity financing using electronic warehouse receipts from Nigeria Commodity Exchange as collateral, supporting farmers, aggregators, and commodity players.
5. Green Finance Portfolio: Financing products for solar home systems, electric vehicles/tricycles, and recycling through Waste Banc initiative. Supports 2,120+ electric tricycles on Nigerian roads.

Pricing tiers

Go-to-market motion3 records

Distribution channels8 records

Marketing channels7 records

Core offering

The Alternative Bank provides Sharia-compliant (non-interest) banking products and services to individuals and businesses in Nigeria, including personal and corporate bank accounts, debit and prepaid cards, mobile and web banking via the Alfalfa app, corporate banking through the AltPro platform, and sector-specific financing products covering mobile device leasing (AltMobile), vehicle financing (Altdrive), solar energy (AltPower), agricultural commodities, pharmaceutical supply chains, and e-commerce (AltMall). All offerings are reviewed by the Advisory Committee of Experts for compliance with non-interest banking principles.

Product overview

The Alternative Bank is Nigeria's leading non-interest digital bank, operating as an independent financial organization in the Non-Interest Banking (NIB) sector, licensed by the Central Bank of Nigeria since 2014 and subsequently granted a full banking license in July 2023. Its product portfolio spans consumer banking (savings, current, domiciliary, and corporate accounts), digital banking (Alfalfa mobile app, AltPro corporate platform), specialist financing (AltMobile device leasing, Altdrive vehicle financing, AltPower solar financing, AltMall e-commerce marketplace), ethical finance (Wakeel Islamic finance), and green finance (Waste Banc recycling, electric vehicle/tricycle financing). The bank operates a distributed network of Altplaces (hybrid banking/lifestyle spaces) and Altboxes (self-service kiosks) nationwide. All products are reviewed and approved by the Advisory Committee of Experts (ACE) for Shariah compliance under non-interest banking principles.

Differentiator

Problem solved

Functional benefit

Brands

• AltMall: E-commerce marketplace platform offering various products for purchase.
• AltMobile
• Altdrive
• AltPower
• AltPro
• Waste Banc
• Wakeel
• Altplaces
• Altbox
• Althaven

Products and services

• Personal Banking Accounts (Savings, Current, Domiciliary)

Quantifiable outcome

• 2,120+ electric tricycles financed on Nigerian roads with first women-owned electric tricycle scheme
• +3 more outcomes

Named customers7 records

Segments7 records

Ideal customer profiles6 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration4 records

AI capability2 records

Feature7 records

Partnerships

Seven partnerships are on record, tiered flagship, core and minor.

• Federal Ministry of EnvironmentflagshipStrategic or Co-development Partner · 10 June 2026First financial institution in Nigeria to formally partner with Federal Ministry of Environment on World Environment Day 2026. Supporting National Tree Planting Campaign targeting 20 billion trees by 2030.
• QORAY Mobility & Energies LtdcoreStrategic or Co-development PartnerClean energy and sustainable mobility partnership driving Africa's clean energy transition. QORAY has deployed 2,150+ electric vehicles and installed over 7MWh of decentralized solar systems, with ₦20 billion in clean energy assets mobilized across Nigeria.
• Nigeria Commodity Exchange (NCX)coreStrategic or Co-development PartnerPartnership to introduce electronic warehouse receipts as collateral for agricultural financing. Enables farmers, aggregators, and commodity players to access liquidity by storing goods in certified NCX warehouses.
• Tulima FarmsflagshipStrategic or Co-development PartnerEgypt-based Tulima Farms partnering with AltBank and FUNAAB to establish AI-enabled hydroponic farming ecosystem on university campus in Ogun State for exotic vegetable cultivation.
• Federal University of Agriculture Abeokuta (FUNAAB)flagshipStrategic or Co-development PartnerPartnership to establish AI-enabled hydroponic farming ecosystem on campus for controlled-environment agriculture and import substitution of exotic vegetables.
• Eliakim Global ResourcesminorStrategic or Co-development PartnerPartnership for capacity-building program on Receptive Language Disorder as part of AltBank's three-pillar intervention agenda for autism care.
• Sterling Bank LtdcoreOthersParent institution that originally operated AltBank as a non-interest banking window since January 2014. AltBank received standalone banking license from CBN in July 2023. Sterling Financial Holdings reported ₦4.07 trillion total assets in Q1 2026.

Scale indicators7 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• Kuda Bank: Nigeria-leading digital-first challenger bank with mobile-led retail and SMB accounts. Comparable on digital UX, low-fee positioning, and Nigerian retail/SMB target customers competing head-to-head with Alfalfa.
• Jaiz Bank PLC: Nigeria's pioneer non-interest (Islamic) bank. Directly comparable as the only other licensed NIB bank in Nigeria serving retail, corporate, and government customers with Sharia-compliant deposit and financing products.

Emerging players

• Carbon (Carbon Finance): Nigerian digital lender offering consumer and SME credit via mobile apps. Comparable as a fintech addressing financial inclusion and credit for underserved Nigerian retail and SMB segments overlapping AltBank's retail proposition.
• FairMoney Microfinance Bank: Nigerian digital microfinance bank providing consumer and SME loans plus deposit accounts on mobile. Comparable in mobile-first retail/SMB banking and lending, competing for similar Nigerian customers as AltBank.
• Moniepoint Microfinance Bank: Nigeria-focused digital bank for SMBs and agents with payments and credit products. Comparable as a digital-first competitor targeting Nigerian retailers, agents, and small businesses with embedded banking features.

Broad incumbents

• Sterling Bank Ltd: Parent institution that operated the non-interest banking window from which AltBank was spun out. Comparable as a Nigerian commercial bank with broad retail and corporate products; AltBank leverages its infrastructure and brand.
• Al Rajhi Banking & Investment Corporation: World's largest Islamic bank with full Sharia-compliant retail, corporate, and treasury product suites. Comparable as a benchmark incumbent for non-interest banking product breadth, governance (Sharia boards), and scaling playbook AltBank can emulate.
• Access Bank PLC: Largest Nigerian commercial bank by assets. Comparable as a broad incumbent offering retail, corporate, and digital banking to the same Nigerian consumers and businesses AltBank targets.
• Al Baraka Bank (Al Baraka Banking Group): Global Islamic banking group with presence across MENA, Turkey, and Africa (including Nigeria historically). Comparable as an established Islamic banking operator offering deposits, financing, and treasury under Sharia governance.

Regional players

• Ecobank Transnational Incorporated: Pan-African commercial bank with strong Nigeria franchise. Comparable as a regional incumbent offering retail and corporate banking across African markets AltBank may eventually expand into.

Market position

Strengths5 records

Weaknesses4 records

Competitive moat5 records

Key risks5 records

Key highlights7 records

Customer concentration

• Facebookfacebook.com/AltBankNg
• Instagraminstagram.com/altbankng
• Xx.com/AltBankNg
• LinkedInlinkedin.com/company/thealternativebank

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments1 record

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about The Alternative Bank