The Alternative Bank Limited (Alt Bank), the non-interest banking subsidiary of Sterling Financial Holdings Company Plc, has appointed Gul Khan as its new managing director and chief executive officer.
The appointment, which has received approval from the Central Bank of Nigeria (CBN), sees Khan succeed Hassan Yusuf, the bank’s founding managing director, bringing an executive with more than 25 years of international financial services experience to lead its expansion strategy.
Khan’s appointment comes as Alt Bank builds on a strengthened capital base and investments in specialised banking technology, following its compliance with the CBN’s revised minimum capital requirement for national non-interest banks ahead of the regulatory deadline.
The leadership change places particular emphasis on the bank’s ambition to expand its customer base, deepen business financing and strengthen its position in Nigeria’s non-interest banking segment.
Khan most recently served as chief executive officer and board director of I&M Bank Kenya, while also bringing experience in technology-led financial services from his tenure as group head of products at Airtel Money, the fintech business operating across 14 African markets.
His previous positions include global head of retail banking and wealth management at HSBC Amanah, the non-interest banking business of HSBC, alongside executive leadership roles with financial institutions in the United Arab Emirates, Egypt and Qatar.
The combination of conventional banking leadership, non-interest financial services and fintech experience is expected to be relevant as Alt Bank seeks to scale its operations and develop products that address the financing and transactional needs of individuals and businesses.
Muhtar Bakare, chairman of Alternative Bank, said Khan’s experience in non-interest banking and leadership across African financial services positioned him to lead the institution through its next phase of growth.
According to Bakare, the board is confident that the new chief executive will build on the bank’s existing foundations, broaden its reach and maintain the governance standards and commercial discipline required for long-term growth.
Khan, in outlining his priorities, said the bank would focus on becoming the preferred choice for consumers and businesses in Nigeria by developing financial solutions that address customers’ needs, including acquiring productive assets and expanding business operations.
The new chief executive’s emphasis on productive assets and business expansion points to the importance of financing real economic activity in the bank’s growth strategy, particularly among businesses seeking alternatives to conventional interest-based lending.
Beyond the leadership transition, Alt Bank’s recent capital and technology developments provide part of the institutional foundation for its expansion ambitions.
The bank said it had met the CBN’s revised minimum capital requirement for national non-interest banks well ahead of the regulatory deadline, strengthening its capacity to support financing activities and pursue growth opportunities.
It has also completed its migration to MIZAN, a core banking platform designed specifically for non-interest financial institutions.
The technology investment is expected to support its banking operations and product development, particularly as specialised financial institutions seek to improve service delivery, operational efficiency and the scalability of their offerings.
