ZainCash Baghdad is the capital and largest city of Iraq IMAGE SOURCE GETTY
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ZainCash Adopts Temenos Technology to Expand Financial Inclusion in Iraq

ZainCash Iraq, a payment service provider and subsidiary of March Holding, has implemented Temenos’ core banking and payments platform to drive the growth and innovation of its digital payment services.

This move aligns with the strategic goals of the Iraqi government and the central bank to enhance financial inclusion and expedite the digital transformation of the national economy.

ZainCash is expanding operations, enhancing customer experiences, and introducing new products, delivering digital payment solutions to a broader range of Iraqi customers, merchants and SMEs.

Established in 2015, ZainCash has grown rapidly, achieving over 1.2 million app downloads and ranking sixth in Forbes Middle East Fintech Top 50 for 2024.

The company offers local and international transfers, payments to merchants and government services, fund management with multicurrency cards, as well as digital vouchers, supported by a network of 10,000 agents across Iraq.

The collaboration

Partnering with Temenos, ZainCash has integrated its core banking and payments on a flexible platform, enabling seamless integration with internal systems and the Central Bank of Iraq. This platform also enables ZainCash to scale quickly, 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 lending and customised products, while also improving 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 delivering funds to refugees with greater speed as well as customisation.

Yazen Altimimi, CEO, ZainCash, said: “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 personalised 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, also added: “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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