The Jeuns

ZainCash Implements Temenos Technology to Enhance Financial Inclusion in Iraq

May 27, 2024 | by The Jeuns

ZainCash Iraq, a leading payment service provider and subsidiary of March Holding, has recently implemented Temenos’ core banking and payments platform. This strategic move is in alignment with the goals set by the Iraqi government and the central bank to boost financial inclusion and drive digital transformation in the national economy.

With a focus on expanding operations, enhancing customer experiences, and introducing new products, ZainCash is dedicated to providing digital payment solutions to a wider range of Iraqi customers, merchants, and SMEs. Since its establishment in 2015, ZainCash has experienced rapid growth, with over 1.2 million app downloads and a sixth-place ranking in the Forbes Middle East Fintech Top 50 for 2024. The company offers a variety of services including local and international transfers, payments to merchants and government services, fund management with multicurrency cards, and digital vouchers through its network of 10,000 agents across Iraq.

Through its collaboration with Temenos, ZainCash has seamlessly integrated its core banking and payments on a flexible platform. This integration enables ZainCash to quickly scale its operations, with a target of reaching three million users by the end of the year. Temenos’ platform, with open APIs, facilitates the rapid launch of new services such as instant lending and customized products. Additionally, it enhances the user experience with a seamless onboarding process.

The adoption of the Temenos platform will empower ZainCash to extend its financial services to more communities, including Iraq’s unbanked population. The platform will also support humanitarian efforts, such as delivering funds to refugees with greater speed and customisation in collaboration with the United Nations.

Yazen Altimimi, CEO of ZainCash, expressed his enthusiasm for working with Temenos to innovate and scale operations efficiently. He highlighted the platform’s ability to help ZainCash expand its product range and deliver personalized services to meet the evolving needs of Iraqi customers.

Lee Allcorn, managing director for Middle East & Africa at Temenos, congratulated ZainCash on the successful implementation of the platform. He emphasized the company’s commitment to supporting innovative fintech organizations like ZainCash in providing convenient digital services to more Iraqis and furthering financial inclusion in the country. Temenos continues to invest in its single code base across core banking and payments to enhance efficiency and improve customer experience for a wide range of financial institutions.

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