From MSMEs to Agriculture

Enjoy the benefits of a partner that knows the ropes and can take your business to the next level.

Sign Up to AltPro
Download App

For MSMES

No business is too small

Small is perfect, and baby steps are welcome. We have solutions to help you grow and push your business to profit.

Apply Now

Tailored Financing Options

We understand that financing is the lifeblood of every business venture. With us by your side, we can fast track your business dreams.

Payment Solutions

Let’s make your customers’ dreams come true with a payment experience like no other—smart and seamless.

Trade Services

From the first spark of an idea to the final flourish of success, we handle your international trade needs with expertise and utmost care.

Structured Trade Finance

At The Alternative Bank, we understand the complexities of international and local trading, but with the right financial partner, challenges can transform into opportunities. With our bespoke Structured Trade & Commodities Finance (STCF) solutions, businesses can effectively navigate local and global markets.

Lean more

AltPro

The corporate world can be a tough place. Even more challenging for startups in the market. Alpro helps you manage your business finances with maximum flexibility and security.

Learn More

Agriculture Finance

Here, cooperatives and registered farmers are backed with special financing that brings their farming dreams to life.

  • Completed Application form
  • Evidence of employment with reputable organization
  • Alternative Finance corporate accounts
  • Evidence of ready market to sell the commodity (off-takers)
  • Clear evidence of difference between quality and quantity of commodities
  • Date of delivery
  • Place of delivery
  • Collateral
Apply Now

AltBiz Facility

Machinery: We pay, you take!

AltBiz is a product designed to provide quick funds for small businesses to augment working capital and for asset (equipment) acquisition.  

  • Maximum of N5M financing limit per business to a maximum of 20% of annual turnover.   
  • Mark up rate of 15.5% flat per annum   
  • Cost of Insurance is 3% per Annum  
  • Commitment deposit/Hamish is 20% of facility amount  
  • Maximum tenure is 24 months   
  • Personal Guarantee of promoter supported by a sworn statement of net-worth and an undated cheque from other banks  
  • Monthly, Quarterly, 90 Days, 180 Days Repayment Cycles.  
  • Funds are solely for the purchase of raw material, stock or equipment and NOT for payment of services. 
  •  
  • One-month relationship with TAB corporate   
  • AltBiz application form duly completed   
  • AltBiz profiler duly completed   
  • One-month relationship with TAB corporate   
  • AltBiz application form duly completed   
  • AltBiz profiler duly completed   
  • Request letter on company’s letterhead  
  • Proforma Invoice addressed to TAB  
  • Business registration document from CAC  
  • Businesses must present historical account statements (from TAB or others) over a 12month period  
  • Proof of 2 years’ business existence (Receipts, invoices, any document that shows that the business has existed for at least 2 years)  
  • Board Resolution requesting for the facility for businesses with two or more directors 
Get Started

AltLease

From power solutions, and office equipment to vehicles and plants, get the ultimate boost for your business. 

AltLease provides SMEs with access to finance solely for the purchase of Tangible Assets for operations. These assets include Plants and machinery, power solutions, office equipment and vehicles.  

  • Here, the financing is secured by the asset itself as ownership will remain with the bank  
  • Up to N20M single obligor limit  
  • Mark up rate is 30% per annum (not flat)  
  • Commitment deposit/Hamish is 30% of facility amount  
  • Maximum tenure is 24 months   
  • Strictly equipment and asset-based financing  
  • The customer must have a minimum of one-month relationship with TAB (Corporate account)  
  • Personal guarantee of the company’s promoter supported by an undated cheque for facility amount.  
  • Business registration documents from CAC  
  • An application letter stating the purpose and need of the facility must be established  
  • Application form duly completed  
  • Projected cash flow statement for the duration of the facility   
  • Proof of three (3) years of experience in the line of business 
  • You must have operated in the trading location for at least six months. A copy of six (6) months unexpired business location rent receipt or ownership documents will be required  
  • A Proforma invoice from the bank’s approved suppliers/Vendors with details of the asset to be financed.  
  • 12 months’ corporate financial statement from Altbank and/or other banks  
  • Altlease Simplified Checklist duly completed by RM 
  • Favorable credit reports on business and promoters. All directors of the business must provide clean credit reports  
  • Comprehensive insurance on farms (If applicable) 
Apply Now

Social Mobilization Facility

Whether you’re into fashion, tech, food production, or expanding your business, access up to N250,000 at a 9.5% markup rate per annum. Watch your small business grow.

  • Membership with trade/market associations or clusters that comprise of individuals with similar businesses within the same geographical location or members of specific communities
  • Our Sterling agents are tasked with the mobilization and payment of the funds

  • The need for the facility must be established, demand for the product must be justified

  • Existence in trade location for 6 months

  • 1-year experience in line of business

  • Beneficiaries must have achieved a minimum monthly credit turnover of at least 100 % of the amount requested

  • Favourable credit history

  • Two individual guarantors (must be reputable, an employed mid-level or higher officer of a public or private institution

  • The BVN of the guarantors (individual or corporate must be provided and verified

  • Domiciliation of business proceeds in SAF Kia-Kia account throughout the duration of the facility

Get Started

Agent Banking(Wakeel)

As a WAKEEL agent, you can boost your earnings through the extra cash generated from sales. All you have to do is provide basic financial services to your customers and residents on our behalf.

  • Deposit
  • Withdrawals
  • Airtime Top-up
  • Bill Payments
  • Funds Transfer Services
  • Complete Agent registration form and execute agreement
  • Valid identification – Voter’s card, Driver’s License, National ID card.
  • Utility Bill
  • Any regulatory information as required (e.g. Business registration documents)
  • Whether your business is registered or not or you are a large distribution network, you can be a Wakeel Agent. Simply send an email to [email protected], walk to any of our branches or call our customer care line.
Get a Device/Terminal

Agriculture
SWAY AG

If you’re a smallholder farmer, a processor, an input provider, or a small-scale agro-business owner, you can access up to N20M at an amazing 9% per annum rate to provide your agro-business with the stocks and equipment you need for production.

This is designed especially for women and youth in the Agricultural sector.

  • 9% markup rate per annum
  • 5% security deposit of financed amount
  • 2% cost of insurance/takaful of financed asset

  • Open a SAF corporate account

  • An application letter stating the purpose and need of the facility must be established

  • Provide a 5% equity contribution

  • Economics of Production (EOP) per each crop/livestock.

  • Confirmed invoice in case of asset purchase (livestock, feeds, input etc.)

  • Certificate of registration of cooperative where applicable

  • Copy of executed MOU

  • Favorable Credit reports on the cooperative.

  • For Anchors

  • Active current account with the Bank (SAF)

  • Letter of application detailing the facility usage and purposes.

  • Feasibility plan with cash flow projections accompanied by the assumptions

     

  • Certificate of incorporations

     

  • Recent tax clearance certificate

     

  • Audited financials where facility value is more than N20m

  • Projected profitability analysis evidencing viability (Minimum of 20%)

  • Route to market must be clearly defined and validate with contracts where necessary
Get Started

Download Documents

All the forms you’ll require

Here To Build Wealth

We are building an Alternative economy where everyone is financially independent.

Get Started Now

Subscribe to the Alternative Bank

Be the first to know about special offers and new exciting products!

Our promise is to prioritise you above all else, cater to your unique needs and go beyond your expectations, always!

Facebook Instagram

Account Opening

Business

Help

Copyright © 2024, 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: 239 Ikorodu Road, 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.

Chat with a live agent
Chat with Safi

Tell us your story

Select your OS

Find the perfect app version for your device by choosing your OS below. You will be redirected to your app store.

Abubakar Muhammad Musa

Summary

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

Summary

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.

Abdulkader Thomas

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)

Summary

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.