Alternative Bank, TK Tech Africa to boost financial innovation in Nigeria

Alternative Bank, TK Tech Africa to boost financial innovation in Nigeria post thumbnail image

By Chinwendu Obienyi


The Different Financial institution and TK Tech Africa are poised to remodel the panorama of monetary expertise and non-interest banking in Nigeria by their progressive $500 million Digital Sukuk initiative.

This partnership is pioneering using blockchain expertise for the issuance, buying and selling, and settlement of Sukuk bonds, championing moral and Sharia-compliant investments within the nation.

Gbenga Awe, Group Head of Structured Commerce & Commodities Finance at The Different Financial institution, emphasised the financial institution’s foremost place as a bank-tech, leveraging its digital improvements and competencies within the monetary companies sector.

Awe underscored the financial institution’s efforts to create wealth by growing digital merchandise for everybody keen on commodities and valuable metals. Based on him, the initiative will enable anybody to spend money on the commodities market by tokenized various property, offering unprecedented flexibility and accessibility.

He affirmed that the financial institution’s involvement goes past simply digital. “We’re deeply engaged within the agricultural sector, with vital property like cocoa, soybeans, sesame, valuable metals, and warehousing services. Showcasing the financial institution’s preparedness to assist the Sukuk initiative with tangible, actual property,” he elaborated.

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Oludamola Akindolire, Founder and CEO of TK Tech Africa, spoke on the transformative nature of this collaboration.

Akindolire mentioned, “We’re setting a brand new benchmark for monetary innovation in Africa, providing an moral funding avenue by the synergy of Islamic finance and blockchain expertise.”

He highlighted the initiative’s goal demographic as city middle- to high-income Nigerians aged 25 to 60, highlighting its function in fostering inclusive financial progress.

The initiative has acquired accolades from numerous trade leaders. Akinsola Akeredolu-Ale, Managing Director and CEO of Lagos Commodities and Futures Trade (LCFE) recommended The Different Financial institution for bringing vital property to the desk, underscoring the significance of participating the youth in gold funding.

Eguarekhide Longe, Managing Director and CEO of the NASD OTC Securities Trade expressed optimism concerning the initiative’s potential, stressing the significance of elevating consciousness for its success.

The $500 million Digital Sukuk initiative by The Different Financial institution and TK Tech Africa marks a major stride in the direction of integrating Islamic finance with blockchain expertise in Nigeria. Targeted on moral investments and leveraging the financial institution’s digital and commodity finance experience, this partnership guarantees to counterpoint Nigeria’s financial material and herald a brand new age of monetary innovation.

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