Last updated: 26 October 2026. Most details come from the bank’s own statements, so check official channels for updates.
alt bank, a Nigerian non-interest bank, says it has finished moving all its services onto MIZAN, a core banking platform built for Islamic and non-interest institutions. The alt bank MIZAN migration was reported on 24 October 2026, and the bank says it will improve efficiency, digital services and the customer experience.
This guide explains what a core banking migration is, what MIZAN is, what the bank has and has not said, and what customers can do.
A note on wording. Some headlines describe this as an upgrade to improve “interest” banking. The bank is a non-interest bank, and the reports describe a full migration to a platform designed for non-interest products such as profit-sharing and asset-backed transactions, not for interest-based lending.
The alt bank MIZAN migration at a glance
| Topic | Details |
|---|---|
| Bank | alt bank (the AltBank brand, reported as Alternative Bank) |
| New platform | MIZAN, a core banking system for Islamic and non-interest institutions |
| Status | Migration complete; all services now run on MIZAN, according to the bank’s Chief Operating Officer, Fatai Tella |
| Reported | 24 October 2026 |
| Bank’s stated aims | Simpler internal processes, faster product development, deeper digital integration |
| Not disclosed | Migration dates, cost, performance figures, customer numbers |
What is a core banking migration?
Every bank runs on a core banking system, the software that keeps customer accounts, balances, loans and transactions. Moving to a new one is a major project because every account and service must be transferred and tested. Banks do it to modernise old systems, launch products faster, or fit specialised business models. For a non-interest bank, the alt bank MIZAN migration is about the last of these.
What is MIZAN?
MIZAN was launched on 31 July 2026 by Peerless Software Global Services (Peerless), which describes it as a digital banking core for Islamic and non-interest financial institutions. According to the launch report:
- It supports non-interest products such as Murabaha (a cost-plus sale), Ijara (leasing), Mudaraba and Musharaka (profit-sharing partnerships), Istisna (made-to-order financing) and Card Hassan (benevolent loans).
- Its modules cover financing and investment management, profit and loss calculation, and a profit equalisation reserve.
- It uses an API-first, microservices design so it can connect to payment, identity and reporting systems, and it supports mobile, internet, USSD, agent, POS, card, branch and contact-centre channels.
- It can be deployed on private cloud, public cloud, hybrid or on-premise infrastructure.
The launch report named no customers, so alt bank’s announcement is the first use of MIZAN we found reported.
What the bank says
Why it chose MIZAN
Managing Director and CEO Hassan Yusuf said non-interest banking needs technology built for its own model, not systems designed for conventional banking. In his view, MIZAN removes the need to keep adapting Islamic banking operations to conventional software and fits the bank’s principles, business structures and long-term goals.
Completion and priorities
Mr Tella said the migration is complete and called it a significant milestone, adding that its value will depend on what customers experience. The bank’s immediate priority is to make full use of the platform.
Link to IIFM membership
The bank also said it joined the International Islamic Financial Market (IIFM) in 2026, a body that sets global standards for Islamic finance documentation and market practice, and that this supports its non-interest strategy. We could not independently confirm the membership, and no month was given.
Background: where alt bank stands
In January 2026, AltBank said it operated 130 locations and planned to grow to 500 nationwide, with no timeline. The same report put non-interest banking at 1.7% of Nigeria’s total banking assets in 2024, a small share of the sector.
What has not been disclosed about the alt bank MIZAN migration
- When the migration started and finished.
- How much it cost.
- Measured results such as faster processing, uptime or customer numbers.
- Which products or services will change for customers.
- Regulator or Sharia governance details related to the move.
Most of the reporting relies on statements from the bank’s executives, and the benefits described are expectations, not results.
What customers can do
- Check your accounts. Review balances, standing orders and direct debits to confirm they look correct.
- Use official channels. Take updates only from the bank’s official app, website and verified customer-care lines.
- Ask about new features. Ask your branch or customer care which non-interest products or digital services are changing.
- Keep records. Save statements and receipts from around the transition in case you need to query a transaction.
Watch out for scams. Fraudsters often exploit news of system changes with fake messages asking you to “verify” or “update” your details. The bank will not need your PIN, password or full card details by message or call. If in doubt, stop and call the number printed on your card or on the official website.
Frequently asked questions
What is the alt bank MIZAN migration?
It is alt bank’s move of all its services onto MIZAN, a core banking platform designed for Islamic and non-interest institutions. The bank reported completion on 24 October 2026.
What is MIZAN?
MIZAN is a core banking platform launched on 31 July 2026 by Peerless Software Global Services. It supports non-interest products such as Murabaha, Ijara, Mudaraba, Musharaka, Istisna and Card Hassan.
Will my account or products change?
The bank has not announced specific changes to customer products. It expects simpler processes, faster product development and deeper digital integration, so ask your branch or customer care about your account.
What is non-interest banking?
It is banking that avoids interest and relies on structures such as profit-sharing, leasing and asset-backed transactions.
What is IIFM?
The International Islamic Financial Market sets global standards for Islamic finance documentation and market practice. The bank says it joined in 2026.
How much did the migration cost?
The bank has not disclosed the cost or the migration timeline.
Conclusion
The alt bank MIZAN migration is a notable step for a small but growing part of Nigerian banking, and MIZAN appears to be a new platform built specifically for non-interest institutions. The benefits, however, are the bank’s stated expectations, with no figures yet to show results. Customers should keep using official channels, check their accounts, and treat any message about the change with care.
Sources and further reading
- Legit.ng: Nigerian bank upgrades banking platform (24 October 2026)
- Innovation Village: Peerless unveils MIZAN, a new core banking platform for non-interest financial institutions (31 July 2026)
- AllAfrica: Alternative Bank eyes 500 branches nationwide (13 January 2026)
This article gives general information based on published news reports and company statements, and it is not financial advice. The benefits described are the bank’s own expectations and have not been independently verified. Confirm account and product details with the bank directly.
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