LAGOS/Nigeria: In a significant move, Nigeria’s largest ethical bank, The Alternative Bank (TAB), is poised to make waves beyond the Nigerian borders with its latest collaboration.
TAB recently played host to an executive delegation from Banque Sahelo-Salarienne pour l’Investissement et le Commerce (BSIC), a prominent Gambian bank, in a bid to foster greater collaboration between the non-interest banking sectors of Nigeria and Gambia’s financial services landscape.
During this two-week exchange program, TAB’s Managing Director, Hassan Yusuf, unveiled the objectives of the visit, emphasizing its crucial role in establishing an operational window for a non-interest bank within the Gambian economy. A four-member delegation from BSIC embarked on a comprehensive study tour of TAB’s operational and business processes, in accordance with prerequisites set forth by The Gambia’s Central Bank.
Yusuf highlighted the strategic importance of this exchange program in strengthening the ties between The Alternative Bank and BSIC. He underscored the potential for this collaboration to have a transformative impact on Gambia’s financial landscape and, by extension, the broader non-interest banking market across the continent.
In response to the visit, Mr. Malick Joof, the Team Lead for BSIC and Director of the Islamic Banking Window, expressed their eagerness to learn from TAB, which is known as the largest ethical banking organization operating in one of the most technologically advanced financial services markets on the African continent. He stated, “This visit provides us an opportunity to learn first-hand from the largest ethical banking organization in one of the most technologically advanced financial services markets on the continent.”
Joof further elaborated, “With this visit, we can take forward learnings that will further improve our operations in Gambia, and hopefully begin to lay the foundations for collaborations with the potential to expand ethical banking across the continent.”
BSIC, established in April 1999 by the Community of Sahel-Saharan States (CEN-SAD), has a distinct mission to serve as the financial vehicle for the economic integration of CEN-SAD nations and facilitate the regional integration of the African continent. The BSIC group operates in 14 African countries and aspires to become a prominent banking group on the continent, standing out as the sole provider of investment and commercial services in the Gambian banking industry.
The Alternative Bank has recently gained prominence for its innovative approach to offering digital products and services to customers. The bank provides unconventional solutions in the domains of e-commerce, investments, asset financing, and renewable energy through offerings such as AltMall for e-commerce, AltInvest for ethical retail investments, AltPower for affordable renewable energy solutions, AltDrive for new and pre-owned vehicle financing, and WasteBanc for monetizing recyclable waste. In addition to these services, TAB offers personalized financial consultations, tailored solutions, and one-on-one guidance to assist customers in achieving their financial goals.
This strategic partnership between TAB and BSIC marks a notable milestone in the growth of ethical banking in Africa, promising to expand access to ethical financial services and promote economic integration across the continent.
