Alt Bank switches to MIZAN platform to support Islamic and non‑interest banking

Migration to a purpose‑built system Alt Bank announced that it has finished transferring all of its banking services to MIZAN, a core‑banking platform created specifically for Islamic and non‑interest financial institutions. The change ends the bank's reliance on legacy technology originally intended for conventional banking, which often required complex work‑arounds to handle contract‑based financing, asset‑backed transactions and profit‑sharing arrangements.

Rationale from senior leadership The bank's Managing Director and Chief Executive Officer, Hassan Yusuf, explained that the new system aligns more closely with the operational principles of non‑interest banking, removing the need to translate such products into the language of conventional software. The Chief Operating Officer, Fatai Tella, confirmed that the migration is complete and highlighted that the real benefit will be measured by improvements in efficiency, product speed and customer service, rather than merely replacing the old system.

Features of the MIZAN platform Developed by the technology firm Peerless, MIZAN incorporates built‑in audit controls, digital integration and support for the distinct contractual structures that define Islamic finance. Its architecture is intended to facilitate faster product development, simplify internal processes and provide a more responsive experience for clients seeking ethical wealth‑creation solutions.

Alignment with industry standards The migration follows Alt Bank's earlier decision in 2026 to join the International Islamic Financial Market (IIFM), the global body that sets documentation and practice standards for Islamic finance. Yusuf indicated that the bank’s investment in specialised technology is part of a broader effort to help the sector mature, moving away from temporary fixes toward robust, standards‑driven infrastructure.

Outlook Alt Bank plans to leverage the capabilities of MIZAN to deliver tangible service improvements and to position itself as a digitally enabled institution focused on ethical finance. The bank expects the platform to enable quicker responses to customer needs and to support the growth of non‑interest financial products in the Nigerian market.