Educate businesses on Non-Interest Banking benefits, Sanusi urges Sterling Bank

The Emir of Kano, Muhammadu Sanusi II (CON), on Monday charged the Management of Sterling Bank to continue sensitizing the people and business owners on the benefits of Non-Interest Banking (NIB).

In his keynote address, at a one-day conference, organized by the Bank in Kano, on NIB with the theme “Reducing Poverty and Unemployment through Non-Interest Banking” the Royal Father, counseled the Management of the bank to outline the advantages of NIB to the business community in Kano, the commercial nerve centre of Northern Nigeria.

According to Emir, hitherto, the business community depend on conventional banking models, adding that, with the advent of Non-Interest Banking, the situation has changed, as they can now enjoy profit sharing and insurance cover on funds while reducing poverty in the society, among other benefits.

”With Non-Interest Banking, it is now inexcusable for people not to be banked or under-banked”, the Emir said.

Also, Sanusi advised the management of Sterling Bank to crisscross the commercial city of Kano to educate the business community that by adopting Non-Interest Banking, they are reducing poverty, as well as imbibing the culture of frugality.

Earlier, in his welcome address, the bank’s CEO Designate, Mr. Abubakar Suleiman, urged members of the Kano business community to adopt Non-Interest Banking. He said it will enable them to lend their surplus to the Bank that would in turn extend it to aspiring and emerging entrepreneurs as well as needy members of the public, who will invest it in their respective business enterprise.

Mr. Suleiman, disclosed that the essence of the conference is to create awareness of the existence and benefits if Non-Interest Banking to the business community at large. Mr. Abubakar Suleiman, whose elevation as the Managing Director/CEO of Sterling Bank, takes effect from April, said all those, who adopt Non-Interest Banking will be covered by insurance in the event of incurring any loss, which is absent in conventional banking.

The Kano State Governor, Alhaji Umar Ganduje represented by the commissioner for Commerce, Industry, Cooperatives and Tourism, Alhaji Ahmed Rabiu expressed Government’s commitment to partnering with the bank in sensitizing individuals, farmers and businesses on the benefits of Non-Interest Banking. Alhaji Rabiu noted that the State Government will support the bank in whatever capacity to amplify the sensitization drive.

Papers related to the Non-Interest Banking were presented by scholars at the event.