Alt Bank Migrates To Non-Interest Banking Platform

By Gabi Hibbatullah, Abuja

Alt Bank has completed its migration to MIZAN, a core banking platform developed for Islamic and non-interest financial institutions, as part of efforts to strengthen its technology infrastructure.

The bank’s Managing Director and Chief Executive Officer, Hassan Yusuf, said the platform would provide technology better suited to the operating principles and business model of non-interest banking.

In a statement announcing the completion of the migration, the bank said the platform was designed to support the distinct contractual structures, asset relationships and profit-sharing arrangements associated with non-interest financial products.

Yusuf said, “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.”

Developed by Peerless, MIZAN supports contract-based financing, asset-backed transactions, profit-sharing and distribution, and audit controls and digital integration.

The bank said the platform would provide a foundation for simplifying processes, improving operational efficiency, accelerating product development and responding more effectively to customer needs.

The migration follows alt 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.

Yusuf said the bank’s investments in technology and institutional frameworks were aimed at supporting the growth of non-interest finance.

“If this industry is going to achieve its potential, it cannot remain dependent on workarounds. The standards must mature. The products must mature. The infrastructure must mature. We intend to be part of making that happen,” he said.

The bank’s Chief Operating Officer, Fatai Tella, confirmed that the transition had been completed and that its banking services were running on the new platform.

Tella said the success of the investment would be measured by improvements in operational performance and customer service.

“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, improve efficiency, deepen digital integration and respond more quickly to customer needs.

Tella said the bank would now focus on translating the platform’s capabilities into measurable improvements in service delivery, operational performance and customer experience.

The bank said it would continue to explore the platform’s capabilities to deliver value to customers and business partners as it pursues its ambition of building a digitally enabled institution focused on ethical wealth creation.