Alternative bank, TK Tech Africa set $500m digital sukuk partnership

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The Alternative Bank and TK Tech Africa are teaming up to revolutionize financial technology and non-interest banking in Nigeria with their groundbreaking $500 million Digital Sukuk initiative.

This collaboration aims to introduce innovative solutions using blockchain technology for issuing, trading, and settling Sukuk bonds, promoting ethical and Sharia-compliant investments in the country.

Gbenga Awe, Group Head of Structured Trade & Commodities Finance at The Alternative Bank, emphasized the bank’s leading role as a bank-tech institution, leveraging digital innovations to advance the financial services sector. He highlighted the initiative’s goal of creating wealth by offering digital products for investing in commodities and precious metals, making the commodities market accessible to everyone through tokenized alternative assets.

Oludamola Akindolire, Founder and CEO of TK Tech Africa, highlighted the transformative nature of the partnership, setting a new standard for financial innovation in Africa. He emphasized the initiative’s target audience as urban middle- to high-income Nigerians aged 25 to 60.

Source: Vanguard

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