TAB, BSIC collaborate to promote non-interest banking in Africa

Nigeria’s largest ethical bank, The Alternative Bank (TAB) has taken steps to extend its reach beyond the shores of Nigeria with its hosting of an executive delegation from Banque Sahelo-Salarienne pour l’Investissement et le Commerce (BSIC), a Gambian bank.

The two-week exchange program is to promote collaboration between the non-interest banking sectors of Nigeria and Gambia’s financial services sectors.

TAB’s Managing Director, Hassan Yusuf, in a statement, announced that the four-member delegation from BSIC is embarking on study tour of TAB’s operational and business processes as part of the prerequisites stipulated by The Gambia’s Central Bank to establish an operational window for a non-interest bank in the Gambian economy.

Yusuf explained that the visit would help nurture stronger relationships between The Alternative Bank and BSIC.

According to him, “the exchange program has the potential for significant impact on Gambia’s financial landscape specifically, and the broader scope of the continent’s non-interest banking market.”

Speaking on the visit, the Team Lead for BSIC and Director of the Islamic Banking Window, Mr Malick Joof said “This visit provides us an opportunity to learn first-hand from the largest ethical banking organization in one of the most technologically advanced financial services markets on the continent.”

Joof continued by adding “With this visit, we can take forward learnings that will further improve our operations in Gambia, and hopefully begin to lay the foundations for collaborations with the potential to expand ethical banking across the continent.”

BSIC was established in April 1999 by the Community of Sahel-Saharan States, CEN-SAD, with a mission to serve as the financial vehicle for the economic integration of the CEN-SAD nations, and to facilitate the regional integration of the African continent.

The BSIC group operates in 14 African countries and aspires to be a prominent banking group on the continent, distinguishing itself as the sole bank providing investment and commercial services in the Gambian banking industry.

The recently launched Alternative Bank is actively offering digital products and services to customers, employing an unconventional approach to e-commerce, investments, asset financing, and renewable energy solutions.

These include AltMall for e-commerce, AltInvest for ethical retail investments, AltPower for affordable renewable energy solutions, AltDrive for new and pre-owned vehicle financing, and WasteBanc for monetizing recyclable waste.

In addition to these offerings, TAB provides personalised financial consultations, tailored solutions, and one-on-one guidance to help customers achieve their financial goals.

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