By Felix Khanoba
alt bank has been named Islamic Bank of the Year, Nigeria, 2026, at the 14th edition of the Global Brands Awards, in recognition of its contributions to ethical finance, financial inclusion and the growth of non-interest banking in the country.
The recognition followed an independent evaluation of the bank’s innovation, industry impact, customer engagement and overall contribution to the financial services sector, according to the award announcement.
A statement issued by the bank, said the assessment also considered alt bank’s commitment to ethical and non-interest banking, its Sharia-compliant financial products and its efforts to expand access to alternative financial services in Nigeria.
The award comes amid growing attention to non-interest banking as an alternative financing model for individuals, households and businesses seeking financial services structured around ethical principles.
According to the bank, its approach to non-interest banking extends beyond conventional financial transactions to address the practical needs of individuals, families, enterprises and communities.
Its services cover personal banking, education financing, pilgrimage savings and business support, alongside initiatives designed to improve financial literacy and expand access to alternative financial solutions.
The bank said its expanding branch network was helping to extend access to non-interest banking services across Nigeria.
One of its products, the Hajj Savings Account, is designed to enable intending pilgrims to save systematically towards their pilgrimage.
Education also features prominently in the bank’s interventions through AltInstitute, its free digital learning platform aimed at improving public understanding of non-interest banking and ethical finance.
Other initiatives include teacher training, support for the Adolescent Girls Initiative for Learning and Empowerment in Sokoto State, and education financing through its EduFund product.
The bank said its support for the Sokoto initiative reportedly reached 21,726 adolescent girls across 10 local government areas.
Through EduFund, alt bank said it is providing financing options intended to help parents, guardians and students meet education-related expenses.
The bank’s business financing services also extend to procurement and supply-chain support through SupplyHub, which offers procurement services and financing for suppliers with qualifying purchase orders.
The solutions are designed to help businesses manage transactions, fulfil orders and pursue growth opportunities.
The bank’s combination of financial products, educational initiatives and business support provides the context for the award, particularly in the areas of innovation, customer engagement and access to alternative financial services.
The Global Brands Awards 2026 winners’ listing has officially announced the recognition under the Banking and Finance category.
alt bank said it remained focused on strengthening its capacity to serve individuals and businesses, expanding access to appropriate financial solutions and supporting economic activities that deliver sustainable value.
The bank began operations in January 2014 as a non-interest banking window within Sterling Bank, before receiving a banking licence from the Central Bank of Nigeria in July 2023 to operate as a standalone institution.
Guided by its Advisory Committee of Experts, the bank says its operations are aligned with the principles of non-interest banking.
