Summit Bank Ltd, Nigeria’s newest non-interest financial institution has officially commenced operations with a pledge to deliver ethical, transparent, and inclusive banking services to Nigerians at home and abroad.According to a statement from the bank on Thursday, Managing Director/Chief Executive Officer, Dr Sirajo Salisu, said this at a press briefing in Abuja.
The Central Bank of Nigeria, on its website, revealed that Summit Bank was licensed as a regional non-interest bank headquartered in Abuja.Salisu said, “We are live, well-regulated, fully operational, and ready to serve Nigerians with clarity, integrity, and purpose.”The bank MD also addressed speculations about a possible link to a tier-one bank, saying, “We have followed the conversations with interest and gratitude, and the curiosity we have carefully observed tells us that people care about us and about ethical finance,” Dr Salisu said, adding that now is the time for clarification, as Summit Bank’s establishment and operation have gone beyond speculation.
Speaking further, Dr Salisu emphasised that Summit Bank is a purpose-built non-interest financial institution designed to make ethical, transparent banking accessible to individuals, groups, entrepreneurs, SMEs, and larger organisations, with a vision to be the leading ethical bank, supporting stakeholders for common growth and prosperity.On the speculations, Executive Director/Chief Operating Officer, Dr Mukhtar Adam, stated that the Summit Bank leadership combines seasoned executives from Nigeria’s top banks and digital innovators.
While some of our directors have built accomplished careers at frontline financial institutions such as Zenith Bank, Summit Bank is an independent financial entity governed by a professional board and fully compliant with Central Bank of Nigeria regulations,” he said.Recalling the bank’s mission, “To be the trusted partner providing ethical banking solutions that empower individuals and communities while making a positive impact in the lives of stakeholders for a prosperous society,” Adam said the mission is clear and Nigerian customers deserve banking that is straightforward, fair, and values-driven.
Our offerings promise no hidden costs or complicated banking for both banked and unbanked Nigerians, with clear, compliant banking services backed by robust technology, sophisticated banking infrastructure, and tested human resources,” he said.“These values and statements are not mere cosmetics; we mean them literally as we say them, and they are integral to our system, which we have designed to combine institutional banking experience with modern digital models to make non-interest banking practical and accessible to anyone, anywhere,” Adam added.Presenting the product portfolio, the bank listed Savings Account, Current Account, Summit Mudarabah Term Deposit, and Domiciliary Account as personal banking products. SME and Corporate Solutions comprise Corporate Current Account, Summit Cost-Plus, Summit Sukuk Investments, and Domiciliary Accounts.
Under Finance and Investment, there are Home and Asset Acquisition Finance as well as Investment Finance and Structured Investment Vehicles.Summit Bank was incorporated in July 2024 and licensed by the CBN in February 2025.
