ZainCash Adopts Temenos Technology to Expand Financial Inclusion in Iraq


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

This initiative aligns with the strategic goals of the Iraqi government and the central bank to enhance financial inclusion and accelerate the digital transformation of the national economy. ZainCash is expanding its operations, improving customer experiences, and introducing new products to provide digital payment solutions to a broader range of Iraqi customers, merchants, and SMEs.

Founded in 2015, ZainCash has seen rapid growth, with over 1.2 million app downloads and a ranking of 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, and digital vouchers, all supported by a network of 10,000 agents across Iraq.

Through its partnership with Temenos, ZainCash has integrated its core banking and payments on a flexible platform that allows seamless integration with internal systems and the Central Bank of Iraq. This platform enables ZainCash to scale quickly, with a goal of reaching three million users by the end of the year.

Temenos’ architecture, featuring open APIs, facilitates the rapid launch of new services such as instant lending and customized products, while also enhancing the user experience with a seamless onboarding process. The 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 more quickly and efficiently.

Yazen Altimimi, CEO of ZainCash, stated: “Temenos’ open and agile banking platform allows us to innovate and scale rapidly, delivering a world-class payment experience that meets our customers’ growing needs and expectations. With Temenos, we can expand our product range more easily and provide 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 the Middle East & Africa at Temenos, 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 increase efficiency and improve customer experience.”