Nigeria's financial sector has welcomed a new player as Summit Bank Ltd officially begins operations as a fully licensed non-interest financial institution.
Regulatory Approval and Operational Status
The Central Bank of Nigeria has granted Summit Bank full authorization to operate as a regional non-interest bank, bringing the total number of such institutions in the country to six. The bank received its incorporation in July 2024 and secured the crucial CBN license in February 2025, culminating in its official launch this November.
Dr Sirajo Salisu, the Managing Director and CEO of Summit Bank, confirmed the institution's operational readiness. "We are live, well-regulated, fully operational, and ready to serve Nigerians with clarity, integrity, and purpose," Salisu stated during the announcement.
Leadership and Service Offerings
The bank's leadership combines seasoned banking professionals with digital innovation experts. Dr Mukhtar Adam, the Executive Director and COO, emphasized that this blend of experience positions the bank to deliver comprehensive financial solutions.
Summit Bank will provide a diverse range of services including:
- Personal banking accounts
- SME and corporate solutions
- Investment products
- Financial services aligned with Shariah principles
The institution has specifically addressed speculation about connections to tier-one banks, asserting its complete independence and full compliance with all CBN regulations.
Understanding Non-Interest Banking
Non-interest banking represents a significant departure from conventional banking models. This system operates under Shariah principles and treats customers as partners rather than mere borrowers.
Key characteristics of this ethical banking model include:
- Risk and profit sharing between bank and customers
- Complete absence of interest charges
- Strong emphasis on transparency and social justice
- Ethical responsibility in all financial dealings
This approach harmonizes religious and ethical values with practical economic needs, offering Nigerians an alternative financial system grounded in moral principles.
The expansion of non-interest banking in Nigeria continues with Summit Bank joining established institutions like Jaiz Bank PLC, Taj Bank, Lotus Bank Ltd, The Alternative Bank, and the newly operational NOVA Bank, which recently transitioned to a national bank with CBN approval.
