Alternative Bank convenes ‘beyond interest’ forum

By Philippine Duru

philippineobetoduru@gmail.com

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The Alternative Bank has convened the latest edition of its “Beyond Interest” forum, bringing together policymakers, financial experts, business leaders, entrepreneurs and development partners to explore innovative approaches to ethical banking, financial inclusion and sustainable economic development in Nigeria.

The forum, held as part of the bank’s commitment to advancing non-interest banking and responsible finance, served as a platform for robust discussions on how ethical financial solutions can accelerate economic growth, expand access to capital and support businesses across key sectors of the economy.

Speaking at the event, the management of The Alternative Bank said the institution remains committed to delivering innovative financial products that comply with non-interest banking principles while addressing the financing needs of individuals, small and medium-sized enterprises (SMEs), corporations and public sector institutions.

According to the bank, the “Beyond Interest” initiative was created to foster meaningful conversations on the future of finance and promote a banking model that prioritises fairness, transparency, shared prosperity and long-term value creation.

The bank noted that non-interest banking has continued to gain acceptance in Nigeria as more individuals and businesses seek ethical financial solutions that support entrepreneurship, infrastructure development, agriculture, manufacturing and the digital economy.

Participants at the forum highlighted the growing role of alternative finance in supporting national development, particularly in expanding financial inclusion among underserved populations and providing businesses with innovative financing structures that reduce barriers to growth.

Experts stressed that ethical finance has the potential to complement conventional banking by promoting risk-sharing, asset-backed financing and responsible investment practices that contribute to economic resilience.

Discussions also focused on the importance of innovation, technology and strategic partnerships in expanding access to financial services, particularly for women-owned businesses, young entrepreneurs and rural communities.

Speakers urged financial institutions to continue investing in digital banking solutions, financial literacy and customer education to improve awareness of non-interest banking products and increase public confidence in ethical finance.

The forum also examined emerging opportunities in Nigeria’s halal economy, green finance, infrastructure financing and sustainable investment, with participants calling for stronger collaboration between regulators, financial institutions and the private sector to unlock new sources of economic growth.

Business leaders at the event noted that expanding access to alternative financing options would help strengthen the resilience of micro, small and medium-sized enterprises, which remain critical drivers of employment, innovation and national productivity.

The Alternative Bank reaffirmed its commitment to supporting Nigeria’s economic transformation through innovative, customer-focused and ethically driven financial solutions. The bank said it would continue to leverage platforms such as the “Beyond Interest” forum to encourage dialogue, knowledge sharing and partnerships that promote inclusive and sustainable development.

Stakeholders concluded that the continued growth of non-interest banking and ethical finance would play an increasingly important role in diversifying Nigeria’s financial sector, widening access to capital and supporting the country’s long-term economic development agenda.