Mambu Selected As Core Banking Provider By Nyla, Africa’s First Islamic Neobank
- Kelsie Papenhausen
- 2 hours ago
- 3 min read
Amsterdam, Netherlands // Kingali, Rwanda – March 12th, 2026 - Mambu, the leading SaaS cloud banking platform, today announced a strategic collaboration with Nyla, Africa’s first Islamic neobank, to power its shari’ah-compliant digital banking infrastructure as it launches in Ghana and prepares for expansion across West Africa.
The partnership marks a significant milestone for Mambu’s Islamic banking offering on the African continent, bringing scalable, cloud-native infrastructure to an underserved market.
Islamic finance represents a global market exceeding $7 trillion. However, Africa accounts for just 2% of the industry, despite strong demand for ethical, values-based financial services across Muslim-majority and underserved communities. Nyla is addressing this gap with a digital-first, values-driven model, utilising Mambu’s SaaS, API-first cloud banking platform to launch quickly without building core infrastructure from scratch. At launch, Nyla will offer digital current and savings wallets, peer-to-peer transfers, bill payments, and card-linked accounts.
Mambu's core banking engine powers Nyla's ambition to expand into a full-service pan-African digital Islamic bank by enabling account creation, product configuration, balance management and transaction processing across its suite of digital financial services. This composable foundation, running on Amazon Web Services (AWS) will allow Nyla to scale efficiently across multiple African markets— including Nigeria, Senegal, and Gambia, leveraging Mambu’s multi-country scalability to enter new regulatory environments.
Mambu’s Islamic banking offering provides a modern, cloud-native foundation for financial institutions to deliver Shari’ah-compliant services alongside or independent of conventional banking. Mambu’s comprehensive Islamic funding suite supports a diverse range of deposit and investment products, including transactional accounts, fixed deposits, and savings plans utilising key contracts.
“The global Islamic finance market represents a significant and underserved opportunity, particularly across Africa. Nyla is addressing that gap with a digital-first, values-driven model, and we are proud to power their core infrastructure,” Mark Geneste, Chief Revenue Officer at Mambu said. “Our platform is purpose-built to support Islamic and non-interest banking products, enabling institutions to innovate while maintaining compliance and operational resilience. This collaborative partnership reflects the growing demand for modern, scalable Islamic digital banking solutions.”
Nyla has already demonstrated strong market demand with over 33,000 users on its waitlist. Following the completion of an oversubscribed pre-seed funding round and its expected June 2026 launch, the neobank targets:
10,000 customer sign-ups within the first month
USD $500,000 in total transaction value processed across all products
400,000 total users by end of 2026
“Our long-term ambition is to build the largest Islamic bank in the world. We are starting with digital products, but our vision extends to building the infrastructure layer for Islamic finance across Africa and beyond. By combining ethical banking principles with scalable technology, we aim to confront financial exclusion with a lasting and practical solution. Collaborating with Mambu gives us the foundation to execute that vision with speed and compliance,” said Nyla Chief Executive Officer, Mubarak Sumaila.
Over the next 24 to 36 months, Nyla plans to deepen its product suite to include physical debit cards, remittances, BNPL and Shari’ah-compliant investment instruments such as Sukuk, as well as a dedicated "Nyla for Business" offering. All customer-facing transactions will be processed within Mambu’s core system, while customer funds will be held with and regulated under Nyla’s licensed banking partners.
About Mambu
Mambu is the world’s only true SaaS cloud banking platform. Founded in 2011, it enables banks, lenders, credit unions, fintechs, retailers and other organisations to design and launch modern financial products with speed and flexibility. Our unique, composable approach allows independent components, systems and connectors to be assembled in any configuration to meet business goals and customer needs. The platform supports core banking, deposits, lending, payments and Islamic banking.
Mambu offers a modular, future-ready and scalable product that grows with businesses. Whether launching a single product or transforming an entire banking stack, Mambu provides the agility and reliability needed to succeed in today’s financial landscape. More than 260 customers in over 65 countries rely on Mambu, including Western Union, Commonwealth Bank of Australia, N26, BancoEstado, Raiffeisen Bank, ABN AMRO and Bank Islam.
About Nyla
Nyla is Africa’s first digital Islamic neobank, providing ethical financial products and services grounded in transparency, fairness and equity. Founded to expand access to Islamic finance, Nyla enables users to manage their money through financial services aligned with their beliefs and values.
Nyla combines Islamic finance principles with robust digital infrastructure to deliver modern, user-friendly banking experiences. Built to scale across emerging markets, Nyla aims to serve the global Islamic finance market of over 2 billion people, starting with its launchpad in Africa.
Nyla has attracted over 33,000 users to its waitlist across 43 countries, established partnerships with financial institutions in key markets, completed an oversubscribed pre-seed funding round, and been selected for the Milken-Motsepe Prize in Fintech.
