Fintech
ZainCash adopts Temenos technology to expand financial inclusion in Iraq
ZainCash Iraqa payment service provider and a branch of March estatehas implemented Temenos’ leading banking and payments platform to drive the growth and innovation of its digital payment services.
This move is in line with the Iraqi government and central bank’s strategic objectives to improve financial inclusion and accelerate the digital transformation of the national economy.
ZainCash is expanding operations, enhancing customer experience and introducing new products, offering digital payment solutions to a wider range of Iraqi customers, merchants and SMEs.
Founded in 2015, ZainCash has grown rapidly, reaching over 1.2 million app downloads and ranking sixth in the Forbes Middle East Fintech Top 50 for 2024.
The company offers local and international transfers, payments to merchants and government services, fund management with multi-currency cards and digital vouchers, supported by a network of 10,000 agents across Iraq.
Collaboration
By partnering with Temenos, ZainCash has integrated its banking services and payments onto a flexible platform, enabling seamless integration with internal systems and Central Bank of Iraq. This platform also allows ZainCash to grow rapidly, aiming to reach three million users by the end of the year.
Temenos’ architecture, with open APIs, enables the rapid launch of new services, including instant loans and personalized products, while enhancing the user experience with a seamless onboarding process.
The Temenos platform will help ZainCash extend financial services to more communities, including Iraq’s unbanked population, and support humanitarian efforts with the United Nations by providing funds to refugees with greater speed and personalization.
Yazen Altimimi, CEO, ZainCash, said: “Temenos’ open and agile banking platform allows us to innovate and scale rapidly, delivering a world-class payments experience that meets the growing needs and expectations of our customers. With Temenos, we can more easily expand our product range and provide more personalized services as we continue to lead the way in making payments safer, simpler and more convenient for all Iraqis.”
Lee Allcorn, Managing Director for Middle East and Africa, Temenos, further added: “Congratulations to ZainCash on this successful go-live. We are pleased to support this pioneering fintech company in bringing innovative and convenient digital services to more Iraqis and continuing to broaden financial inclusion in the country. We continue to invest in our unique code base for core banking and payments, which is helping everyone from established banks to agile fintechs increase efficiency and improve the customer experience.”