Temenos has been selected by the digital wallet provider ZainCash Iraq to power the rapid growth and innovation of its services. Adopting the Temenos platform for core processing and payments will enable ZainCash to develop and launch further digital services whilst meeting the growing demand of consumers for a cashless society.
Utilising the contemporary technology of Temenos, which itself is built upon microservices and APIs, will allow ZainCash to bring the latest fintech to a market that desperately needs it. Iraq is one of the MENA region’s most unbanked countries, and according to The World Bank, only 22.7 per cent of the country’s eligible citizens hold a bank account. However, the same data also suggests that the country has a 75 per cent internet penetration rate, something that could excel the effort of ZainCash.
Licensed by the Central Bank of Iraq, ZainCash currently offers P2P transfers, bill and merchant payments, disbursements, recharge digital products and other consumer and merchant services. The company plans to introduce new digital onboarding, credit and saving products, and international remittance services on the Temenos platform.
The company, which processes millions of transactions, has previously been recognised by GSMA and others for its mobile innovation, and particularly for its humanitarian support to the UN in fund disbursement to refugees and displaced individuals.
“We chose to partner with Temenos because we needed an open and agile banking platform that would allow us to innovate and scale at speed,” comments ZainCash CEO Yazen Altimimi. “We are committed to investing in the best technology, and with Temenos, we can deliver a world-class payment experience that meets our customers’ growing needs and expectations. With Temenos, we can lead the way in making payments safer, simpler and more convenient for all Iraqis.”
Jean-Paul Mergeai, President, APAC-EMEA, Temenos, added: “We are delighted ZainCash has selected Temenos to scale its digital payment services. This pioneering fintech company joins many of the largest and most innovative financial services companies in the Middle East and across the world that run on Temenos. Iraq is mainly cash-driven today, but with a population of 40 million, including a large young and tech-savvy demographic, there is a huge untapped potential for payment digitisation. Temenos has a strong presence in the region and deep local expertise to support ZainCash as it continues to build and grow its business.”
