Credit Cards

Enjoy seamless transactions, anytime and anywhere.

Whatever your needs are, we have a card that works for you. This is no ordinary card.The Altbank covered credit card is designed with the cardholder’s financial well-being in mind, offering a unique solution for interest-free facility.

This card aims to provide users with enhanced financial flexibility and increased convenience in their daily lives. It typically gives cardholders control to manage spending against their salary payments and investments at the end of each month. 

Features and Benefits
  • Enjoy Interest free facility 
  • Easy access to a revolving line 
  • Naira denominated 
  • Flexible payment option 
  • EMV compliant (Chip and PIN technology) 
  • Contactless capability 
  • Shop and make online payments where Verve logo is displayed 
  • 3D secure transactions required One-time password (OTP) for verification 
  • 3-year card validity 
  • 24-hour contact center support. 
  • Issuance fee = ₦ 1,000 
  • Annual maintenance fee = FREE 
  • Quarterly maintenance fee = ₦ 50 
  • ATM Charges = 3% 
  • POS/WEB Charge = FREE 
  • Takaful Insurance: 1% of facility amount. 
  • Local ATM withdrawals: ₦ 100,000 
  • Local POS transactions: ₦ 2,000,000 
  • Web transactions: ₦ 1,000,000 
  • Facility Limit up to ₦ 499,999 for Salary earners 
  • Facility Limit up to ₦ 4,999,999 for Investors 

Let's Look at Laraba

Laraba gets a covered card with limit of N100,000 and spends N90,000.

Scenario A: If Laraba pays back the N90,000 during the payment period, she will not be charged a penal fee.

Scenario B: If Laraba cannot pay the N90,000 (amount spent), she is expected to make at least 10% of amount spent, this is therefore N9,000. Following that, she now owes N81,000 (N90,000 – N9,000) and a 0% Interest on this N81,000 = 0 bringing her outstanding to N81,000.

Scenario C: If Laraba does not make any payment within the payment cycle, she will be charged 1% late payment fee on this N90,000 = N900 bringing her outstanding to N90,900.

*Laraba must make at least 10% so as not to charge a late payment fee (Penal Charge).


What is Altbank Covered Credit Card?

Altbank Covered card is a non-interest Naira denominated Covered Card designed to address customer’s needs for convenience and short term. The card has been designed to meet the cardholder’s need for interest-free facility. The bank assigns appropriate facility limit to cardholder after assessment.

Altbank salary account holders, Altbank HNIs customers, business owners willing to secure the approved facility limit with their investment /cash domiciled in the Bank.

Altbank coverecard cost N1,000.

ZERO – it is a non-interest card

Upon receipt of your completed application, if found eligible for a covered card, your new covered card will be delivered to your delivery address within 5 working days from the date all the necessary information is received.

ATM withdrawal Fee (Local) 


POS/WEB Fee (Local & International 



Quarterly Fee 


Annual Fee 


Covered Card 




Upon approval of customer’s request, facility limit is assigned to customer based on his/her income, current indebtedness and capacity to pay.  

The least amount you must pay by the due date is the minimum payment, found on your monthly statement. This amount is usually 10% of the total utilized amount.  e.g., if you withdraw N50,000, you are to pay at least 10% of 50,000 which is N5,000. 

No Interest. It is a non-interest card, this means you won’t incur additional charges beyond the agreed terms, promoting transparency in your financial transactions. 

Your Card statement is generated on the 25th of every month and forwarded to your personal email addressIf you do not receive your statement within 3 days from the stated date, kindly contact [email protected] and your statement will be sent to you. 

The payment due date 25th-31st (the last day) of every month after receiving the statement. 

You will be charged a penalty fee. Cardholders are expected to make at least 10% minimum payment of the total outstanding balance on or before the due date (25th –31st) 

– Partial payment: If part of the total outstanding amount due (Which is less than the payment amount) is paid before end of the month, you have only reduced your total indebtedness and at end of the month, you will still be required to make your complete payment. 

– Full payment: If the total amount due is paid before the 25th of the month, you have cleared your total indebtedness and when the statement is generated, your outstanding amount to be paid will be zero (0). 

You can transfer money to your covered card account via mobile banking or USSD. 

Or complete a deposit slip with the card account number and pay over the counter. 

If you notice any unauthorized transaction on your card, kindly call our Customer Care immediately on 02017000555 or email [email protected]  

You can also block your covered card on the mobile app under the card services feature. 

If you have any complaint, call 02017000555 or email [email protected] or walk into any branch. 

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Abubakar Muhammad Musa


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


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


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.