Peerless is pleased to announce that The Alternative Bank (AltBank), has adopted Mizan, Peerless’ purpose-built digital banking core designed for Islamic and non-interest financial institutions.
This milestone reflects a shared commitment to advancing ethical and non-interest finance through modern, cloud-native technology. As demand for non-interest banking accelerates across Nigeria and other emerging markets, financial institutions require infrastructure specifically designed to support Shariah-compliant products, operational flexibility, and scale. By adopting Mizan, AltBank strengthens its ability to deliver innovative financial services while maintaining the speed, reliability, and operational efficiency expected of a modern digital bank.
“At Peerless, we have always believed that Africa’s financial diversity deserves purpose-built technology, not repurposed global tools,” said Mustapha Otaru, Executive Director and Co-Founder at Peerless. “Mizan was built specifically so that institutions like The Alternative Bank can serve their customers with the full integrity of Islamic finance principles, without compromising on efficiency. This partnership is a defining moment for non-interest banking in Nigeria.”
A Core Banking Platform Built for Islamic Finance
Mizan is Peerless’ dedicated core banking platform developed to support Islamic and non-interest financial institutions. Built on a modern architecture, the platform enables banks to design, deploy, and scale Shariah-compliant financial products while maintaining enterprise-grade performance, security, and regulatory compliance.
Key Capabilities Enabled by Mizan
Shariah-Compliant Product Infrastructure
Mizan enables financial institutions to structure and manage banking products in accordance with Islamic finance principles, supporting non-interest financial services within a fully compliant operational framework.
Ethical and Inclusive Financial Services
The platform is designed to support financial models built on fairness, transparency, and social responsibility, enabling banks to deliver solutions that contribute to financial inclusion and sustainable economic participation.
A Purpose-Built Platform
Through configurable modules, open APIs, and flexible deployment architecture, Mizan allows institutions to introduce new Shariah-compliant products quickly while maintaining the operational stability required in regulated banking environments.
Advancing Non-Interest Banking in Nigeria
AltBank has built a strong reputation in Nigeria’s non-interest banking ecosystem, combining digital banking capabilities with financial products designed around non-interest principles. By integrating Mizan into its technology stack, the Bank is positioned to further expand its digital offerings while maintaining the integrity and transparency that have defined the institution.
“To be genuinely competitive, our core technology must reflect our core values,” stated Fatai Tella, Chief Operating Officer at The Alternative Bank. “Mizan provides a purpose-built engine that natively understands non-interest finance. It strips away operational friction, giving us the agility to scale our digital offerings without ever compromising on ethics.”
Peerless’ collaboration with AltBank highlights the growing role of indigenous technology in shaping the future of financial services across Africa. As a Nigerian enterprise software company focused on building scalable financial infrastructure, Peerless continues to develop solutions tailored to the operational and regulatory realities of emerging markets.
