Amsterdam-based Mambu, a SaaS cloud banking platform, announced a partnership with Kigali-headquartered Nyla to power its core banking infrastructure as it launches in Ghana and eyes West Africa expansion.
- At launch, Nyla will offer digital current and savings wallets, peer-to-peer transfers, bill payments, and card-linked accounts.
- All products are Shari’ah-compliant, built on Mambu’s Islamic funding suite — which supports transactional accounts, fixed deposits, and savings plans using key Islamic finance contracts.
- The platform runs on AWS, enabling multi-country scalability as Nyla expands into Nigeria, Senegal, and The Gambia.
Why it matters
Africa accounts for just 2% of the $7 trillion global Islamic finance market — despite strong demand for ethical, values-based financial services across Muslim-majority and underserved communities. Nyla is moving to close that gap with a digital-first, Shari’ah-compliant model.
By the numbers
- 33,000+ users already on Nyla’s waitlist
- Oversubscribed pre-seed round completed
- June 2026 launch targeted
- $500,000 in total transaction value and 400,000 users by end of 2026
What they’re saying
“Our long-term ambition is to build the largest Islamic bank in the world.” — Mubarak Sumaila, CEO, Nyla
“Our platform is purpose-built to support Islamic and non-interest banking products, enabling institutions to innovate while maintaining compliance and operational resilience.” — Mark Geneste, CRO, Mambu
What’s next
Over the next 24–36 months, Nyla plans to add physical debit cards, remittances, BNPL, Sukuk-based investment instruments, and a “Nyla for Business” product line. Customer funds will be held and regulated by licensed banking partners.
