Latest news with #AmrElGarhy
Daily News Egypt
2 days ago
- Business
- Daily News Egypt
MIDBANK extends EGP 1bn credit facilities to Raya Information Technology
MIDBANK has announced the provision of comprehensive credit facilities worth EGP 1bn to Raya Information Technology (Raya IT), a subsidiary of Raya Holding. For over 27 years, Raya IT has been delivering integrated IT solutions and digital transformation services to banks, corporations, and institutions across a wide range of sectors. This financing falls within the framework of MIDBANK's strategic commitment to playing a pivotal role in driving economic growth and empowering leading entities in the Egyptian market, particularly those active in technology and digital transformation. The bank seeks to offer innovative and flexible financing solutions that respond to evolving market needs, support the development of digital infrastructure in priority sectors, and enhance the efficiency and competitiveness of the national economy at both regional and global levels. This approach also contributes to attracting further strategic investments to Egypt. MIDBANK's CEO and Managing Director Amr El Garhy said: 'This cooperation with Raya Information Technology falls under MIDBANK's strategy of supporting leading economic entities and enabling them to expand and achieve sustainable growth. We believe that providing innovative financing solutions plays a central role in improving the business climate and stimulating investment, in line with state efforts to drive economic growth. Our focus on supporting IT and digital transformation companies, such as Raya Information Technology, stems from their vital role in building digital infrastructure and boosting the competitiveness of the national economy.' Eman Abou Zeid, Head of the Credit Sector at MIDBANK, underlined the bank's commitment to building financing partnerships based on precise and reliable assessments of client needs. She stressed that MIDBANK ensures the provision of flexible and secure credit solutions tailored to support clients' business objectives. 'These facilities for Raya Information Technology reflect our confidence in its solid financial position and proven ability to execute successful expansion projects that contribute to the strength of the local economy,' she said. Raya Information Technology CEO Hisham Abdel Rasoul expressed his pride in the constructive partnership with MIDBANK, noting that this cooperation reflects the confidence of one of Egypt's leading banking institutions in Raya IT's capabilities and growth prospects. 'These credit facilities represent a strong boost to our expansion plans and will enable us to implement strategic projects that advance Egypt's digital transformation efforts,' he stated. Abdel Rasoul added that the funding will also allow the company to deliver more advanced technological solutions to clients across multiple sectors. He concluded: 'We look forward to continuing this strategic partnership with MIDBANK, given its positive impact on fostering innovation and contributing to the overall strength of the national economy.'
Finextra
31-07-2025
- Business
- Finextra
Egypt's Midbank completes core banking migration with Temenos
Temenos (SIX: TEMN), a global leader in banking technology, today announced that MIDBANK has successfully gone live with Temenos, completing a full replacement of its legacy systems with Temenos' core banking suite. 0 This strategic transformation is part of MIDBANK's broader initiative to modernize its operations and deliver next-generation banking services to customers across Egypt MIDBANK, a 50-year-old financial institution based in Egypt, selected Temenos following a comprehensive evaluation process. The implementation includes Temenos Core, Payments Hub, Financial Crime Mitigation (FCM), and Data Hub. The go-live followed a 'big bang' approach, with the legacy system decommissioned and the Temenos platform activated in a single transition. Amr El-Garhy, CEO & Managing Director of MIDBANK, commented: 'We turned off the light on one system, and turned on the light on another. It was a bold decision, but we were well prepared. Temenos was attentive at the moments that really mattered. They stayed close to the project and showed genuine commitment to our success. Powered by Temenos, MIDBANK is well-positioned to shape the future of digital banking in Egypt.' The transformation has already delivered measurable benefits, including reduced transaction processing times, improved operational efficiency, and enhanced customer satisfaction. MIDBANK is also preparing to launch digital channels with Temenos Digital and explore AI-driven innovations using Temenos tools, including the Temenos Product Manager Copilot. Santhosh Rao, Managing Director - Middle East & Africa, Temenos, commented: 'MIDBANK's successful go-live is a strong example of how Temenos helps financial institutions modernize with confidence. Our proven delivery capability, combined with our innovative and adaptable platform, enabled a smooth and timely transition. MIDBANK is now equipped to deliver modern, efficient, and customer-centric banking services.' Temenos' proven track record in Egypt, local presence, and strong ecosystem of partners were key to the project's success. Key partners included ITSS for implementation and DXC for testing. This initiative supports Egypt Vision 2030 and the Central Bank of Egypt's digital agenda, reinforcing MIDBANK's role in advancing financial inclusion and sustainable economic development.
