To use AltPay, you must meet the following criteria:
By registering, you agree to provide true, accurate, current, and complete information and to keep it updated. We reserve the right to verify your identity. If we cannot verify your identity, we may refuse to open your account or suspend your use of the services.
AltPay provides you with the following services:
You agree to:
You are solely responsible for maintaining the security of your account and for all activities that occur under your account. You must not share your password or any other authentication details with anyone. We will not be liable for any loss or damage arising from your failure to comply with this security obligation.
You may not use AltPay to:
The services are provided "as is" and "as available" without any warranties of any kind, whether express or implied. We do not guarantee that the services will be uninterrupted, secure, or error-free. You assume all risks associated with your use of the services.
To the fullest extent permitted by law, AltBank and its affiliates will not be liable for any direct, indirect, incidental, consequential, special, or exemplary damages, including but not limited to damages for loss of profits, goodwill, data, or other intangible losses, arising out of or in connection with the use of the services.
We reserve the right to suspend or terminate your account and access to the services at our sole discretion, with or without cause and without notice. Upon termination, all pending transactions will be settled, and any remaining balance will be transferred to your linked bank account after any deductions have been made.
You agree to indemnify and hold harmless AltBank, its affiliates, and their respective officers, directors, employees, and agents from and against any and all claims, liabilities, damages, losses, and expenses, including reasonable legal fees, arising out of or in any way connected with your use of the services or your violation of these Terms.
These Terms shall be governed by and construed in accordance with Nigerian law and Islamic commercial jurisprudence as interpreted by the Central Bank of Nigeria's Financial Regulatory Advisory Council. In the event of a conflict between the two, Islamic law shall prevail. Any disputes shall be subject to the exclusive jurisdiction of the courts in Nigeria.
Your use of the services is also governed by our Privacy Policy, which is available on our website and through the AltPay app. The Privacy Policy explains our data collection and protection practices and forms an integral part of these Terms.
We may revise these Terms from time to time. We will notify you of any material changes via a notice on the AltPay app or by email. Your continued use of the services after such changes constitutes your acceptance of the revised Terms. It is your responsibility to review these Terms periodically.
If you have any questions about these Terms, you can contact us at:
Email: [email protected]
Phone: +234 201 700 0555
In-app chat: Available 24/7
Copyright © 2025, The Alternative Bank.
Licensed by the Central Bank of Nigeria 
The Alternative Bank is an independent financial organization in the Non-interest Banking (NIB) sector. If you receive services from, or if you have any other questions, please reach out to us via any of our contact channels. Registered address: 20 Marina, Lagos. Financial operations on the Alternative Bank is authorised and regulated by the Central Bank of Nigeria. License to commence operations was granted in 2014. Trading and investment products provided by the Alternative Bank is wholly owned.
We are dedicated to ensuring adherence to Non-Interest Banking principles through the appointment of an Advisory Committee of Experts (ACE). The ACE is tasked with the review and approval of all our products and processes after ensuring full compliance with NIB principles.
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Abubakar Muhammad Musa is currently a Sharia Advisor and Consultant for SHAPE Knowledge Services a consulting firm based in Kuwait. He has been involved in product development, Sharia research and approval of Islamic banking products for different clients. His work covers retail banking, corporate banking and project finance deals.
Formerly, Abubakar worked as a Researcher in different units at International Shariah Research Academy for Islamic Finance (ISRA) in Kuala Lumpur, Malaysia. Besides his primary assignments in ISRA, he taught Shariah Rules in Financial Transactions to Chartered Islamic Finance Professional (CIFP) Masters online Students of International Centre for Education in Islamic Finance (INCEIF), Malaysia. He also taught MBA and BBA Students different Islamic Banking and Finance Subjects at University College of Bahrain.
Abubakar holds two Diplomas with distinction, one in Islamic Law and the other in Arabic Language from Al-Imam University Riyadh. He also holds LLB (Hons) degree in Shariah from the same University. He successfully completed his (CIFP) Professional Masters Degree Programme at (INCEIF), Malaysia. He had his internship program on Islamic Banking & Finance at Fajr Capital in Kuala Lumpur. During the programme, Abubakar conducted research relating to product structuring and market development.
Abdurraheem Ahmad Sayi is a legal practitioner and Consultant of over 16 years of active legal practice. He is currently the principal partner, A.A. Sayi & Co. (Qist Chambers) and Qadi, Independent Shari’ah Panel of Lagos State – a platform, through which he has delivered several judgments of in-depth analysis, widely applauded by leading legal and intellectual icons, including learned Judges, professors of law and Islamic Studies.
He is the Executive Director/C.E.O., ClearPath Islamic Centre (Incorporated), Lekki-Lagos and Chief Imam, SilverPoint Central Mosque, Badore, Ajah-Lagos. Fondly called Imam Sayi, Abdurraheem is the designate Chairman, Shari’ah Advisory Committee, Mutual Benefit Takaaful.
Imam Sayi has also authored a few works, some of which include: The Financial Obligations: a compendium of essays on monetary or material obligations under Islamic Law and Waqf (Charity Endowment): The Governing Principles.
He holds a Certificate on Improving Personal Effectiveness from the Lagos Business School (Pan African University) and he is a recipient of numerous awards and certificates of merits.
Education:
Master of Arts Law and Diplomacy, The Fletcher School of Law & Diplomacy.
Bachelor of Arts Arabic & Islamic Studies, The University of Chicago.
Shariah Board Experience:
Bank Muscat Meethaq (2013 – 2017)
Sterling Bank Nigeria (Since 2013)
University Bank, USA (Since 2006)
Abdulkader Thomas has over 35 years of diversified financial services experience in major markets. With a Master of Arts Law and Diplomacy from The Fletcher School of Law & Diplomacy and a BA in Arabic & Islamic Studies from The University of Chicago. His areas of activity have included trade finance, real estate finance, securities and alternative finance.
As the general manager of a foreign bank branch in New York, he secured the first US regulatory approvals of Islamic mortgage and instalment credit/sale as banking instruments. Later, he secured US regulatory approval for profit sharing deposits. Abdulkader has been involved in the successful implementation of these products in the US market. With more than 17years Shariah Board Experience in Bank Muscat Meethaq, Sterling Bank Nigeria and University Bank USA, Abdulkader has worked on IFTA projects in Europe, Africa, Southeast Asia, and an authority on Islamic deal structures and securities.
He also serves as a director of Alkhabeer Capital in Jeddah and Chairman of Alkhabeer (DIFC). He is a member of the international advisory board of the Securities Commission of Malaysia, a published author, and an active speaker on Islamic finance.
