Fintech Meets Ethics: Who Are The Drivers Of The Non-interest Bank?

Disrupt the system through innovation. That is what fintech has done to the banking industry. In February 2017, I opened an account with a next-generation bank called SunTrust. Without visiting the bank, I completed the registration online. The bank received my credentials via email. I have not had a course to visit the bank. Because it leveraged the power of fintech from day one.

On The One Hand
After that, many banks have joined the party. Some have promised gold, frankincense, and myrrh. Others came with fintech embedded with ethics. A body of rules and moral norms covering the conduct of banking employees. When I dug for meaning, banktrack.org showed me that profitability should not only be measured in financial terms but also in social terms. That is what one bank has promised. To become one of the most efficient digital and service-focused banks in Nigeria. Which bank is that?

On The Other Hand
I counted six banks threading the ethical path. Summit Bank. Jaiz. Lotus. Taj. The Alternative Bank. Suntrust. These are non-interest banks. The list emanated from the Nigeria Deposit Insurance Corporation (NDIC). But one stands out. Summit Bank. A digital bank integrates ethical financial principles with advanced technology. Leveraging the next-generation technology will lead the bank to deliver secure, transparent, and efficient financial management solutions. It plans to build a smart, scalable, and stable environment that meets diverse financial needs.
As a non-interest digital bank, it offers financial services that comply with ethical and profit-and-loss sharing principles. This aligns with the vision of becoming the leading ethical bank, supporting its customers for common growth and prosperity. Its website says, “rather than lend money with a fixed interest, it will engage in real economic activities.’’ Trading. Leasing. Profit-sharing investments. Distributing returns and risks fairly with customers. This is its mission: To provide ethical banking solutions to empower individuals and communities and make a positive influence on the lives of its customers.

In The Long Term
Meanwhile, Summit Bank has quietly slipped into the industry as a non-interest bank. Licensed by the Central Bank of Nigeria [CBN] on February 5, 2025, this ethical bank is ready to play in the digital banking arena. But is Zenith Bank driving the process? I would not know. However, the names are analogous, somehow. To quiet my mind, I rummaged for a clue. Here is what I found: The X factor. There is an ex-factor in the process. Three ex-Zenith Bank employees are involved. Like the X factor, these ex-employees had excelled in previous managerial positions. For instance, take the chairman of Summit Bank. Umar Shuaib Ahmed. He was an executive director at Zenith for about a decade. He was in the Zenith Pension Custodian.
He was in Citibank Nigeria. Liberty Bank. Broad Bank. He had been in the trenches. Evidence: He had worked in branch operations and management. Domestic and treasury. Trade and transaction services. Business development, finance, and risk and remedial management. He was in different groups. Experienced different functions. Lived in a different location. Nigeria. Sierra Leone. All in 30 years. Among other qualifications and professional affiliations, his background in accounting from Ahmadu Bello University, Zaria, with a Master’s degree in Banking and Finance from Bayero University, Kano, had prepared him for this summit role.
Another is Dr Sirajo Salisu. Managing Director of Summit Bank. A thoroughbred banker. Over three decades of experience in executive management positions. Different banks. Former MD and CEO of Arab-Gambia Islamic Bank in the Gambia. Former MD and CEO, Jaiz Bank. He has a deeper banking experience and an extensive understanding of the non-interest space. He has a PhD in Agricultural Economics and a second master’s degree in Islamic Banking and Finance. Among other qualifications and professional affiliations, Dr Salisu is an alumnus of the Lagos Business School (LBS) and Madinah Institute for Leadership and Entrepreneurship (MILE) in Saudi Arabia.
The third leg is the co-founder and executive director/chief operating officer. Dr Mukhtar Adam. He was the group chief financial officer of Zenith Bank. Holder of the All Africa CFO of the year recognition. A senior consultant in the financial services group of PricewaterhouseCoopers. He has in-depth knowledge in financial areas gained from financial sector management and policy analysis, and reporting, among others. Dr Adam holds a PhD in Finance from Leeds Beckett University and other bunch of other qualifications from Harvard. Wharton. INSEAD. LSE. MIT. He is a fellow and member of ICAN, etc. These are the drivers of Summit Bank.