TheCable

Sterling Bank Plc says it has obtained an approval-in-principle by the Central Bank of Nigeria for its proposed non-interest banking business known as Alternative Bank Limited.

Temitayo Adegoke, secretary at Sterling bank, said this in a statement on Wednesday.

Adegoke said the non-interest service will operate as a standalone bank.

A non-Interest banking business engages in trading, investment and commercial activities as well as the provision of financial products and services without the conventional interest charges.

The approval is one of the foremost consents required to obtain final approval from the CBN, subject to the fulfillment of other stipulated conditions.

“The approval is sequel to the approval-in-principle granted to the Bank for the restructuring as a holding company (HoldCo) and subject to the fulfilment of conditions as stipulated by the CBN,” the statement reads.

“The Alternative Bank Limited will focus on building partnerships that connect individuals and businesses leveraging technology to create business optimisation while solving an individual’s daily financial needs.

The overall business will focus on social impact, corporate responsibility, and ensure religious compliance in all its dealings.”

Sterling Bank, a mid-level lender in Nigeria, will soon join other banks that have restructured to HoldCo.