Egyptian lender MIDBANK has selected Temenos’ open banking platform for its digital transformation.

The lender, which offers retail, corporate, and investment banking services, will use Temenos Transact and Temenos Infinity.

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The integration of Temenos’ solutions with MIDBANK’s systems will replace legacy systems to streamline systems and processes.

Through the partnership, MIDBANK seeks to offer new and enhanced digital banking services to its customers.

MIDBANK chairman and managing director Amr El Garhy said: “MIDBANK embarked on a strategy that is devout to comprehensive development and growth.

“The strategy also aspires to expand retail banking product and service provisioning, which rely on the latest digital and technological means.

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“Additionally, it aims at diversifying the customer base and banking activities.”

As part of the plan, the lender will use Temenos Transact as its core product for existing banking services such as all retail and corporate customers’ accounts, savings and card facilities.

Using Temenos Infinity, MIDBANK aims to launch its mobile and online banking operations.

Temenos president – international sales Jean-Paul Mergeai said: “We are excited to support MIDBANK, a forward-thinking bank with a great reputation in Egypt, on its digital transformation.

“With Temenos, the bank has clear goals to achieve operational excellence, deliver the digital services and experiences customers are seeking, and make financial services more accessible to everyone.”

Recently, microfinance firm Barko revealed plans to launch a digital bank in South Africa in partnership with Temenos.