The Alternative Bank says it is set to redefine the rewards space in Nigerian banking as it launched a new campaign that allows users to earn real gold simply by transacting through its innovative digital banking platform, Altbank.

In a statement on Sunday, it was said that the campaign, tagged Altbank Gold Rewards, will run until the end of 2025 and aims to promote awareness and adoption of the bank’s mobile application, while rewarding users with tokenised Gold (small units of real Gold, stored digitally in the app) for performing routine financial transactions.

“For every interbank transfer, that is, transfers to other financial institutions made through the Altbank app, users automatically receive one gold token, equivalent to 25 micrograms of gold. These tokens accumulate in the user’s in-app wallet and can be liquidated into naira at the prevailing market rate for gold on the day of liquidation. It is an unusual proposition in a market dominated by airtime giveaways, cashback offers, and discounts,” the statement explained.

According to the bank, the initiative is part of its wider strategy to attract financially and digitally savvy users who are looking for more value and long-term benefits from their banking relationships.

“The Alternative Bank is Nigeria’s leading non-interest commercial bank and part of the Sterling Financial Holdings Company, operating with a national license and a strong focus on specialised and inclusive financial services. Unlike traditional banks, it offers interest-free financing and financial solutions rooted in Islamic finance principles,” it was added.

Speaking, the Director, Digital Business and Innovations, Mohammed Yunusa, said: “This is not your typical loyalty programme. We are literally putting real value in the hands of our users, one transfer at a time. The goal is to create a direct, tangible benefit for simple actions people are already doing, sending money.”

The statement disclosed that beyond the gold rewards, the Altbank app also allows users to send and receive funds, pay bills, purchase airtime and data, and request both virtual and physical debit cards.

“One of its most notable features is the provision of interest-free financing of up to N500,000, along with free Takaful insurance for new customers. The insurance covers gadgets, vehicles, and medical costs, activated simply by carrying out basic transactions on the platform.

“The campaign is structured to be as seamless as possible. Once the app, which is available on both the Google Play Store and the Apple App Store, is downloaded, customers can begin earning gold tokens immediately with each successful interbank transfer.

“While digital banking in Nigeria continues to expand, this initiative by The Alternative Bank introduces a new dynamic to the space, turning routine transactions into an investment. With gold historically seen as a hedge against inflation and economic volatility, some customers may view their Altbank tokens not just as rewards, but as a miniature savings portfolio,” the statement concluded.

The Alternative Bank commenced its journey in January 2014 as a non-interest banking window in Sterling, with a vision to create a dynamic banking experience that respects individuality and speaks the language of its customers/partners.

In July 2023, the Central Bank of Nigeria issued a Banking License to The Alternative Bank, enabling it to operate as a fully-fledged, standalone bank.

Guided by its Advisory Committee of Experts, The Alternative Bank said all its operations align with the ethics of non-interest banking.