- alt bank has completed its migration to the MIZAN banking platform designed for Islamic and non-interest banking
- The bank said the new system will improve efficiency, digital services and customer experience
- It said the move follows its 2026 membership of the International Islamic Financial Market (IIFM)
Legit.ng journalist Victor Enengedi has over a decade's experience covering energy, MSMEs, technology, banking and the economy.
alt bank has completed its migration to MIZAN, a core banking platform built specifically for Islamic and non-interest financial institutions, in a move aimed at improving operational efficiency, digital integration and customer service.
The lender said the transition gives it a technology infrastructure designed to support the unique features of non-interest banking, including profit-sharing arrangements, asset-backed transactions and specialised contractual structures.
Source: UGC
In a statement issued on Tuesday, Managing Director and Chief Executive Officer Hassan Yusuf said the rapid growth of Nigeria's non-interest banking sector requires technology tailored to its operating model rather than systems originally developed for conventional banking.
Why alt bank adopted MIZAN
Yusuf explained that the new platform removes the need to continually adapt Islamic banking operations to conventional banking systems.
"The more non-interest banking grows, the more important it becomes that the infrastructure underneath it understands what makes the model different," he said.
He added that MIZAN provides an operating foundation that aligns more 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.
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
The bank said MIZAN is expected to simplify internal processes, improve operational efficiency and accelerate product development while enabling quicker responses to customers' needs.
It also expects the platform to deepen digital integration across its operations, making it easier to introduce new products and improve overall banking services.
Source: UGC
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.
Source: Legit.ng