The management of Summit Bank Ltd, Nigeria’s newest non-interest bank, has cleared the air about its existence, operations, and direction.
Managing Director/Chief Executive Officer of Summit Bank, Dr. Sirajo Salisu, confirmed to journalists at its Abuja headquarters that the bank is indeed up and running, and is properly positioned to deliver ethical and inclusive financial services to diverse groups of customers locally and in the diaspora.
Speculations were rife a few weeks ago about the ownership and direction of Summit Bank, linking it to Zenith Bank, with pundits wondering what the new bank has up its sleeves, especially as a significant part of its board are ex-Zenith banking professionals.
“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. “We are live, well-regulated, fully operational, and ready to serve Nigerians with clarity, integrity, and purpose.”
Speaking further, Dr. Salisu emphasized 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 the bank’s stakeholders for common growth and prosperity.
From the point of view of clarifying subsisting media 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 complaint with the Central Bank of Nigeria (CBN) regulations,” he said.
Dr. Adam said 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” – 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 the banked and unbanked Nigerians – with clear complaint banking services that is backed by robust technology, sophisticated banking infrastructure, and tested human resources,” he said.
The bank said its operations are guided by a set of core values that encompass Stewardship, Unity, Moral integrity, Mastery, Innovation, Transparency, Boldness, Authenticity, Mobility, and Keenness, anchored by its vision and mission, and powered by an approach that is simple, transparent, with clear fees and products structured without conventional interests.
“These values and statements are not mere cosmetics; we mean them literarily 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,” Dr. Adam informed.
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 comprises of Corporate Current Account, Summit Cost-Plus, Summit Sukuk Investments, and Domiciliary Accounts. Under Finance and Investment, there is the Home and Asset Acquisition Finance as well as Investment Finance and Structured Investment Vehicles.
Summit Bank, established as a purpose-driven non-interest bank, was incorporated in July 2024 and licenced by the CBN in February 2025. The bank aims to redefine ethical finance through transparent products, digital accessibility, and a strong commitment to financial inclusion.
