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From Adanna Nnamani, Abuja
alt bank said it has completed its migration to MIZAN, a core banking platform designed for Islamic and non-interest financial institutions, as part of efforts to improve operational efficiency and customer service.
The bank said the migration would provide a technology foundation better suited to the contractual structures, asset-backed transactions and profit-sharing arrangements that distinguish non-interest banking from conventional banking.
In a statement on Tuesday, the Managing Director and Chief Executive Officer of alt bank, Hassan Yusuf, said the growing non-interest banking sector required technology that reflected its operating principles and business model.
According to Yusuf, the new platform would reduce the need to adapt non-interest banking operations to systems originally designed 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.
“We should not have to continuously translate non-interest banking into the language of systems designed for something else. MIZAN gives us an operating foundation closer to the principles, structures and ambitions of the institution we are building,” he said.
Chief Operating Officer of alt bank, Fatai Tella, confirmed that the migration had been completed and that the bank’s services were running on the new platform.
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Tella said the success of the investment would ultimately depend on its impact on the bank’s operations and customer experience.
“The migration to MIZAN has been completed, and our banking services are now running on the new platform. This is an important milestone, but the real value of this investment will be measured by what it enables us to do differently and better,” he said.
He added that the platform would provide opportunities to simplify operations, deepen digital integration and respond more quickly to customers’ needs.
The COO noted that the bank’s immediate priority is to maximise the platform’s capabilities to improve service delivery, operational performance and customer experience.
Developed by Peerless, MIZAN supports contract-based financing, asset-backed transactions, profit-sharing and distribution, as well as audit controls and digital integration.
According to the bank, the platform is expected to support simpler processes, improve operational efficiency, accelerate product development and enable more responsive customer service.
The migration follows the bank’s decision earlier in 2026 to join the International Islamic Financial Market (IIFM), an organisation that develops standards for Islamic finance documentation and market practices.
