KTFA – News, Rumors and Opinions Sunday AM 5-26-2024



Iraqi fintech ZainCash goes live with Temenos

Robert Prendergastb  Thu, May 23, 2024

Temenos has announced that ZainCash, a payment service provider in Iraq, has gone live with Temenos core banking and payments to power the growth of its digital payment services.

The successful implementation aligns 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. It positions ZainCash to expand its operations more effectively, elevate the customer experience, and swiftly introduce new products.

ZainCash has rapidly expanded, achieving over 1.2 million app downloads. ZainCash 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), as well as enjoy a variety of bonus features like digital vouchers.

ZainCash’s network of 10,000 agents ensures these financial services are available everywhere in Iraq

With Temenos, ZainCash has brought together its core banking and payments capabilities on Temenos’ flexible, composable banking platform, which enables easy integration with existing internal systems, as well as with the Central Bank of Iraq. The robust, agile platform will enable the company to scale quickly to meet growing consumer demand as it seeks to reach 3 million users by the end of the year.

ZainCash will use Temenos’ modern technology architecture with open APIs, to quickly launch a range of new services, including instant lending, and provide customised products for specific groups, such as families and students. It will also offer a digital and seamless onboarding process resulting in an improved user experience.

The Temenos platform will help ZainCash to continue widening financial inclusion by extending convenient digital financial services to more communities, including Iraq’s large unbanked population.

Yazen Altimimi, CEO, 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.”

“Iraqi fintech ZainCash goes live with Temenos” was originally created and published by Electronic Payments International, a GlobalData owned brand.   LINK


Frank26:  “NOT AT A PROGRAM RATE TOOPIT!!!”…………F26


Frank26:  “BEFORE THE 9TH!!!”………….F26

A Sudanese advisor expects Parliament to approve the budget schedules before Eid… and warns against delay


Mazhar Muhammad Saleh, financial advisor to Prime Minister Muhammad Shiaa al-Sudani, expects the House of Representatives to approve the financial budget schedules for 2024 before the Eid al-Adha holiday, which falls in the middle of next June.

Saleh told {Al-Furat News} agency, “It is noted that the level of coordination and harmony between the legislative and executive authorities will accelerate the House of Representatives’ approval of the financial schedules for the year 2024, in implementation of the provisions of Article 77/second of the Federal General Budget Law (Tripartite) No. 13 of 2023.”

He added, “What we expect is that the House of Representatives will approve the aforementioned financial schedules before the Eid Al-Adha holiday at the latest, and according to what some members of the House of Representatives noted.”

Saleh noted that “the delay affects the movement of investment spending for new projects that the government planned to promote and in accordance with its ministerial program to serve the achievement of the goals of sustainable economic development in our country.”

The Council of Ministers approved, in an extraordinary session last Sunday, the 2024 budget schedules, while the House of Representatives secretariat announced yesterday that it had received the schedules.

The Parliamentary Finance Committee began discussing the budget schedules, with expectations that it will be voted on before June 9.

A member of the Parliamentary Finance Committee, Alaa Al-Haidari, stated in a press statement that “Parliament has the powers to pressure spending and transfer funds, and this is linked to opinions regarding the schedules of service allocations to the governorates,” indicating that “the Council extended its legislative recess while awaiting the budget schedules, and the remaining time period of the month that Parliament extended.” Sufficient, and we expect that the budget will be voted on before the ninth of next June.”

The head of the Finance Committee, Atwan Al-Atwani, explained in a press statement that the committee “held continuous meetings to discuss the 2024 budget schedules and study financial policy,” explaining that it “will host the Ministers of Finance and Planning to discuss current and investment expenditures and budget paragraphs related to securing the necessary needs of the citizen, contracts, and appointments.” .

Raghad Dahham    LINK

Courtesy of Dinar Guru:  https://www.dinarguru.com/


MarkZ  [via PDK]   I am seeing rates of somewhere between $3.81 to $3.91 from a number of contractors working in Iraq. They are working on infrastructure – everything from hospitals to power grid to roads etc… And I am still thinking it will be $2 something on the dong. I hope I’m wrong and my contacts are right and it’s closer to the $3 mark.


BRICS NEWS: New Central Bank, Currency Update, Dedollarization and Focus on Africa

Lena Petrova:  5-25-2024