ZainCash Iraq, a cost service supplier and subsidiary of March Holding, has applied Temenos’ core banking and funds platform to drive the expansion and innovation of its digital cost companies.
This transfer aligns with the strategic objectives of the Iraqi authorities and the central financial institution to reinforce monetary inclusion and expedite the digital transformation of the nationwide financial system.
ZainCash is increasing operations, enhancing buyer experiences, and introducing new merchandise, delivering digital cost options to a broader vary of Iraqi prospects, retailers and SMEs.
Established in 2015, ZainCash has grown quickly, reaching over 1.2 million app downloads and rating sixth in Forbes Center East Fintech High 50 for 2024.
The corporate provides native and worldwide transfers, funds to retailers and authorities companies, fund administration with multicurrency playing cards, in addition to digital vouchers, supported by a community of 10,000 brokers throughout Iraq.
The collaboration
Partnering with Temenos, ZainCash has built-in its core banking and funds on a versatile platform, enabling seamless integration with inner methods and the Central Financial institution of Iraq. This platform additionally permits ZainCash to scale shortly, aiming to succeed in three million customers by the top of the yr.
Temenos’ structure, with open APIs, permits the fast launch of latest companies, together with instantaneous lending and customised merchandise, whereas additionally enhancing the person expertise with a seamless onboarding course of.
The Temenos platform will assist ZainCash lengthen monetary companies to extra communities, together with Iraq’s unbanked inhabitants, and assist humanitarian efforts with the United Nations by delivering funds to refugees with higher velocity in addition to customisation.
Yazen Altimimi, CEO, ZainCash, mentioned: “Temenos’ open and agile banking platform permits us to innovate and scale at velocity, delivering a world-class cost expertise that meets our prospects’ rising wants and expectations. With Temenos, we are able to extra simply develop our product vary and supply extra personalised companies as we proceed to prepared the ground in making funds safer, easier and extra handy for all Iraqis.”
Lee Allcorn, managing director, Center East & Africa, Temenos, additionally added: “Congratulations to ZainCash on this profitable go-live. We’re delighted to assist this pioneering fintech firm in bringing revolutionary and handy digital companies to extra Iraqis and persevering with to widen monetary inclusion within the nation. We proceed to put money into our single code base throughout core banking and funds, which helps everybody from established banks to nimble fintechs to extend effectivity and enhance buyer expertise.”
