AltBank is pushing non-interest banking as a tool for inclusion, not just a niche product. Executive Director Korede Demola-Adeniyi stated the sector remains underpenetrated, holding a small fraction of total banking assets despite growing demand. She emphasized the model serves everyone, not only a single religious group, with a focus on transparency and shared risk.
Stronger advocacy and public education are needed to unlock its potential, according to Demola-Adeniyi. She cited required product innovation and clearer regulatory frameworks to enable these banks to transform the economy. The current growth strategy targets high-impact sectors like healthcare, agriculture, renewable energy, and transportation.
The bank also explores the creative economy through partnerships while adhering to non-interest principles. Demola-Adeniyi explained that the partnership-based model addresses concerns over collateral, focusing on shared risk instead of interest. She stressed ongoing public enlightenment to improve understanding of the structures and benefits.
AltBank operates numerous branches and service locations nationally via partnerships. It plans significant network expansion alongside financial literacy programs and agent empowerment initiatives. These efforts aim to deepen financial inclusion and widen access to ethical banking services across the country.
Stronger advocacy and public education are needed to unlock its potential, according to Demola-Adeniyi. She cited required product innovation and clearer regulatory frameworks to enable these banks to transform the economy. The current growth strategy targets high-impact sectors like healthcare, agriculture, renewable energy, and transportation.
The bank also explores the creative economy through partnerships while adhering to non-interest principles. Demola-Adeniyi explained that the partnership-based model addresses concerns over collateral, focusing on shared risk instead of interest. She stressed ongoing public enlightenment to improve understanding of the structures and benefits.
AltBank operates numerous branches and service locations nationally via partnerships. It plans significant network expansion alongside financial literacy programs and agent empowerment initiatives. These efforts aim to deepen financial inclusion and widen access to ethical banking services across the country.
