… 25-year veteran brings HSBC, Airtel Money, and I&M Bank experience to Nigeria’s non-interest banking frontier
Written By Rashidat Okunlade
The Alternative Bank Limited (Alt Bank) has appointed Gul Khan as its Managing Director and Chief Executive Officer, following approval by the Central Bank of Nigeria (CBN).
Khan succeeds Hassan Yusuf, the Bank’s founding Managing Director, and takes the helm at a critical juncture for Nigeria’s non-interest banking sector.
A Career Forged Across Continents
Khan’s resume is not that of a typical Nigerian bank CEO. He brings more than 25 years of international financial services experience, having worked across Europe, America, Asia, the Middle East, and Africa .
His most recent role was as Chief Executive Officer and Board Director of I&M Bank Kenya, where he led a period of accelerated growth and transformation, resulting in improvements in revenue, profitability, and market share.
Before that, he served as Group Head of Products for Airtel Money, the Fintech business spanning 14 African markets. In that capacity, he was responsible for driving revenue growth, expanding the platform’s active customer base, and supporting major equity investment initiatives.
Crucially for Alt Bank, Khan also previously served as Global Head of Retail Banking and Wealth Management at HSBC Amanah, the global banking group’s dedicated non-interest banking business . His career also includes executive leadership roles with banks in the UAE, Egypt, and Qatar, giving him a rare blend of experience across both established banking institutions and technology-led financial services businesses.
What Is Expected of Him
Khan steps into a bank that has already laid significant groundwork. Alt Bank has met the CBN’s revised minimum capital requirement for national non-interest banks well ahead of the regulatory deadline and has completed its migration to MIZAN, a core banking platform designed specifically for non-interest financial institutions.
This technological backbone is critical. Non-interest banking operates on distinct contractual structures, asset-backed transactions, profit-sharing arrangements, and ethical investment principles that conventional banking systems were not built to handle. With MIZAN in place, Khan is expected to leverage this infrastructure to accelerate product development and improve operational efficiency.
Muhtar Bakare, Chairman of Alternative Bank, expressed confidence in the appointment:
“Gul’s expertise in non-interest banking and his leadership experience across African financial services position him well to lead Alternative Bank through its next phase of growth. The Board is confident in his ability to build on the Bank’s foundations and broaden its reach, while maintaining the strong governance and commercial discipline essential to long-term success”.
The Khan Agenda: Customer-First, Technology-Led
Khan has outlined a clear priority: making Alt Bank the preferred choice for Nigerian consumers and businesses.
“The opportunity is to make Alt Bank the preferred choice for consumers and businesses in Nigeria. That means understanding what customers need, whether acquiring productive assets or growing their businesses, and providing solutions that are relevant and they can use with ease,” he said.
His background at Airtel Money, a mobile money platform operating across 14 African markets suggests a leader who understands the power of digital channels to reach underserved populations. His tenure at HSBC Amanah signals a deep familiarity with the ethical and structural nuances of non-interest finance.
For a bank operating under the umbrella of Sterling Financial Holdings Company Plc, Khan’s mandate is to translate these global experiences into local impact: expanding access to non-interest financial solutions while maintaining the commercial discipline that the holding company demands.
Why It Matters
Nigeria’s non-interest banking sector remains a niche, but it is growing. As conventional banking struggles to reach large swathes of the population particularly those who avoid interest-based finance for religious or ethical reasons Alt Bank’s mission is to bridge that gap.
Khan’s appointment signals that the Bank is not content to remain a small player. By recruiting a CEO with experience at HSBC Amanah, one of the world’s most established non-interest banking operations, and Airtel Money, one of Africa’s most successful fintech platforms, Alt Bank is signaling an ambition to scale.
The challenge, however, is significant. Nigeria’s economic environment is brutal: inflation, currency volatility, and low consumer purchasing power. Non-interest banking adds another layer of complexity, requiring specialized products and customer education. Khan’s ability to navigate these waters armed with MIZAN and a mandate to innovate will determine whether Alt Bank becomes a genuine alternative for millions of Nigerians or remains a well-kept secret.
His first priority will be simple: understanding the Nigerian customer. His second: delivering solutions they can actually use. As he put it, “I look forward to working with colleagues to build on Alt Bank’s progress and earn our customers’ continued trust”.
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