Altbank Innovates Digital Transfers With Gold Earning Initiative

The Alternative Bank (Altbank) said it is set to transform the rewards landscape within Nigerian banking through the launch of an innovative campaign that enables users to earn real Gold simply by conducting transactions via its digital banking platform.

This campaign, titled the Altbank Gold Rewards, will run until the end of 2025, with the goal of enhancing awareness and encouraging the adoption of the bank’s mobile application. Users will be rewarded with tokenized Gold, small digital units of actual Gold, each time they perform routine financial transactions.

The Bank said this initiative stands out in a market often characterised by airtime giveaways, cashback offers, and discounts, saying that the campaign is part of a broader strategy aimed at attracting financially and digitally savvy customers who seek more value and long-term benefits from their banking relationships.

Director of Digital Business and Innovations, Altbank, Mohammed Yunusa, stated that, “this is a groundbreaking approach to loyalty programs. We are genuinely putting tangible value in the hands of our users, one transaction at a time. Our objective is to offer direct, meaningful benefits for the everyday actions that users already engage in, like sending money.”

He said, in addition to the Gold rewards, the Altbank app also empowers users to send and receive funds, pay bills, purchase airtime and data, and request both virtual and physical debit cards.

“A standout feature is the provision of interest-free financing up to N500,000, coupled with complimentary Takaful insurance for new customers, covering gadgets, vehicles, and medical costs, activated by completing basic transactions on the platform. The campaign aims to provide a seamless user experience,” Yunusa said.

He added that, “as digital banking continues to gain traction in Nigeria, this initiative by The Alternative Bank introduces a refreshing perspective by transforming everyday transactions into investment opportunities. Given Gold’s historical status as a safeguard against inflation and economic instability, customers may view their Altbank tokens not merely as rewards, but as a valuable component of their savings portfolio.”

The Alternative Bank began its journey in January 2014 as a non-interest banking initiative within Sterling, with a mission to create a dynamic banking experience that respects individuality and resonates with its customers and partners.

In July 2023, the Central Bank of Nigeria granted The Alternative Bank a Banking License, allowing it to operate as a fully-fledged, standalone bank. With guidance from its Advisory Committee of Experts (ACE), The Alternative Bank ensures that all its operations are aligned with the principles of Non-Interest Banking.