Nyla taps Mambu to power digital banking platform

By Vriti Gothi

Mambu has been selected as the core banking technology provider for Nyla, as the digital bank prepares to launch Shari’ah-compliant financial services in Ghana and expand across West Africa.

The partnership will see Nyla deploy Mambu’s cloud-native core banking platform to support its digital banking infrastructure, enabling the neobank to launch without building its own core systems. The collaboration also marks a step forward for Mambu’s Islamic banking offering on the African continent, where demand for ethical financial services is growing but remains underserved.

Islamic finance is estimated to represent a global market exceeding $7 trillion, yet Africa accounts for only around 2% of the industry despite significant Muslim populations and demand for values-based financial services. Nyla aims to address this gap through a digital-first Islamic banking model, initially offering digital current and savings wallets, peer-to-peer transfers, bill payments, and card-linked accounts.

Mambu’s platform will support account creation, product configuration, balance management and transaction processing for Nyla’s services. The infrastructure is built on Amazon Web Services, allowing the neobank to scale across multiple markets and regulatory environments. Beyond Ghana, Nyla has identified Nigeria, Senegal and Gambia as potential expansion markets as it works toward establishing a pan-African digital Islamic bank.

Mambu’s Islamic banking framework is designed to support Shari’ah-compliant products, including transactional accounts, savings plans and fixed deposit structures based on Islamic finance contracts. The company says its platform allows financial institutions to offer non-interest banking services either alongside or independently of conventional banking products.

“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,” said Mark Geneste, Chief Revenue Officer at Mambu. “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 attracted more than 33,000 users to its waitlist ahead of its expected launch in June 2026, following an oversubscribed pre-seed funding round. The neobank is targeting 10,000 customer sign-ups within its first month and aims to reach 400,000 users by the end of 2026.

Customer-facing transactions will run through Mambu’s core platform, while customer funds will be held with Nyla’s licensed banking partners as the company scales its digital banking operations across the region.