The Alternative Bank Named Most Innovative Bank at AICIF 2025

The Alternative Bank (‘AltBank’) has been honoured as the ‘Innovative Bank of the
Year’ at the 7th African International Conference on Islamic Finance (AICIF),
underscoring its commitment to transformative, inclusive financial solutions across
the continent. The award, presented recently, at the Eko Hotels in Lagos, celebrates
the Bank’s commitment to driving positive change through financial products and
services grounded in non-interest principles.
AICIF has long been a cornerstone for intellectual discourse and professional
excellence in finance across Africa. The awards recognise individuals and
organisations that demonstrate exceptional dedication, innovation, and excellence in
advancing the principles and practices of non-interest finance.
“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.”
Professor AbdulRazzaq Alaro, Chairman of the AICIF Award Panel, praised the
transparency of the process, commending the awardees for their significant
contributions to advancing interest-free financing for Africans. “The AICIF awards are
a special way of recognising the exceptional innovation and dedication demonstrated
by individuals and organisations in advancing Islamic finance across Africa,” he said.

The Alternative Bank stands out in Nigeria’s banking sector by combining non-
interest principles with cutting-edge digital solutions. Launched as a non-interest
window in 2014 and officially licensed as a bank in 2023, the Bank has positioned
itself as an industry leader. Its offerings, such as the AltElite premium banking suite
and an innovative gold-based rewards system, are redefining banking for a new
generation of customers. By combining non-interest finance principles with advanced
digital tools, The Alternative Bank is redefining modern banking for a new
generation.
AltBank remains committed to pioneering new solutions that empower customers to
shape the future of banking in Africa.