ZainCash, a subsidiary of March Holding and a leading payment service provider in Iraq, has partnered with Temenos, a global market leader in banking software.
The partnership aims to power the rapid growth and innovation of ZainCash’s digital payment services, aligning with the strategic goals of the Iraqi government and the central bank to boost financial inclusion and expedite the digital transformation of the national economy.
ZainCash, established in 2015, has rapidly expanded with over 1.2 million app downloads and securing the sixth position in the Forbes Middle East FinTech Top 50 for 2024. The company enables users to make quick and easy local and international transfers, pay local merchants and government services, manage funds with a convenient multicurrency card (physical or virtual), and enjoy various bonus features like digital vouchers. ZainCash’s vast network of 10,000 agents ensures these financial services are available throughout Iraq.
With Temenos, ZainCash has integrated its core banking and payments capabilities on Temenos’ flexible, composable banking platform. This robust and agile platform will enable the company to scale quickly to meet growing consumer demand and aims to reach 3 million users by the end of the year. ZainCash will leverage Temenos’ modern technology architecture with open APIs to quickly launch new services, including instant lending, and provide customized products for specific groups such as families and students. Additionally, a digital and seamless onboarding process will improve the user experience.
Yazen Altimimi, CEO of ZainCash, commented, “Temenos’ open and agile banking platform allows us to innovate and scale at speed, delivering a world-class payment experience that meets our customers’ growing needs and expectations. 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, Middle East & Africa, Temenos, said, “Congratulations to ZainCash on this successful go-live. We’re delighted to support this pioneering fintech company in bringing innovative and convenient digital services to more Iraqis and continuing to widen financial inclusion in the country. We continue to invest in our single code base across core banking and payments, which is helping everyone from established banks to nimble fintechs to increase efficiency and improve customer experience.”
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