CBN Approves Licence for Nigeria’s Sterling Bank’s Non-Interest Banking Business

Nigeria’s Sterling Bank stated that the Central Bank of Nigeria (CBN) has approved-in-principle a solitary licence for its non-interest banking business, which would be known as Alternative Bank Limited. This was mentioned by Sterling Bank in a notification to Nigeria Exchange Limited (NGX).

Why it Matters?

Sterling Bank noted that Alternative Bank Limited is set to form partnerships, connecting individuals and businesses via the use of technology to optimise corporate processes, while also meeting an individual's daily financial needs. In all of its interactions, the company would emphasise social impact, corporate responsibility and religious compliance.

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