alt bank has successfully completed its migration to the MIZAN core banking platform, a system designed specifically for Islamic and non-interest financial institutions. The move is aimed at improving operational efficiency, digital integration, and customer service across the bank's operations.
The transition provides alt bank with a technology infrastructure tailored to support the unique features of non-interest banking, including profit-sharing arrangements, asset-backed transactions, and specialised contractual structures. The bank stated that the new system will simplify internal processes, accelerate product development, and enable quicker responses to customer needs.
Why alt bank Adopted MIZAN
In a statement issued on Tuesday, Managing Director and Chief Executive Officer Hassan Yusuf explained that the rapid growth of Nigeria's non-interest banking sector requires technology built for its specific operating model, rather than systems originally developed for conventional banking.
"The more non-interest banking grows, the more important it becomes that the infrastructure underneath it understands what makes the model different," Yusuf said. He added that MIZAN provides an operating foundation that aligns closely with the institution's principles, business structures, and long-term ambitions.
The bank believes the platform will create a stronger technological base for delivering services that reflect the unique requirements of Islamic finance, eliminating the need to continually adapt Islamic banking operations to conventional banking systems.
Bank Confirms Successful Migration
Chief Operating Officer Fatai Tella confirmed that the migration has been completed and that the bank's services are now fully running on the new platform. He described the transition as a significant milestone but noted that its success would ultimately depend on the improvements customers experience.
"The migration to MIZAN has been completed, and our banking services are now running on the new platform. The real value of this investment will be measured by what it enables us to do differently and better," Tella said.
According to him, the bank's immediate focus is to maximise the platform's capabilities to enhance service delivery, improve operational performance, and strengthen customer experience.
Expected Benefits for Customers
alt bank said MIZAN is expected to simplify internal processes, improve operational efficiency, and accelerate product development while enabling quicker responses to customers' needs. The platform is also expected to deepen digital integration across the bank's operations, making it easier to introduce new products and improve overall banking services.
The migration comes months after alt bank joined the International Islamic Financial Market (IIFM) in 2026. The organisation develops global standards for Islamic finance documentation and market practices, a move the bank said supports its broader strategy to strengthen its position in the non-interest banking industry in Nigeria.
