Two Iraqi fintechs listed in Forbes’ Top 50 Fintechs in the Middle East
Zain Cash Iraq’s CEO Yazen Altimimi (L) and NEO Pay Iraq’s CEO Zaid Fawzi Ibrahim
Baghdad (IraqiNews.com) – Two well-known fintechs, Iraq Wallet (ZainCash Iraq) and NEO Pay Iraq, have secured coveted spots among Forbes’ Top 50 Fintech Companies in the Middle East, demonstrating evidence of the financial technology sector in Iraq’s rapidly developing creativity.
Iraq Wallet (ZainCash Iraq) came in at number 6 in the region, while NEO Pay Iraq came in at number 35 in the Middle East.
With the ability to handle both local and international money transfers, bill payment, cash-in/out services, mobile recharge, and QR payments, Iraq Wallet—powered by ZainCash Iraq—has quickly established itself as a one-stop shop for financial solutions. Significantly, Forbes Middle East announces the remarkable achievement of 1.2 million app downloads, supported by a strong network of 10,000 agents positioned tactically throughout Iraq.
Led by Yazen Altimimi, the ZainCash platform’s broad acceptance highlights its applicability and accessibility to a diverse range of stakeholders, including individuals, SMEs, major businesses, government agencies, and humanitarian organizations.
Similarly, NEO Pay Iraq has won a great deal of praise for its innovative processing of digital payments, especially for the way it issues both virtual and physical prepaid cards that are easily paired with an easy-to-use mobile app. With the use of this service, Iraqi locals may easily conduct transactions and purchase online via websites, mobile applications, and point-of-sale (POS) devices.
NEO Pay Iraq, headed by Zaid Fawzi Ibrahim, generated $400 million in transactions in 2023 alone, and as of December 2023, the platform had 100,000 active users and 300,000 app downloads, proving its exponential growth.
NEO Pay formed a Visa platinum business card designed to satisfy the specific demands of Iraqi merchants and professionals. The initiative, which was set up in 2023, has already received significant popularity, with Forbes reporting that 208,000 cards would be issued by March 2024.
The presence of Iraq Wallet (ZainCash Iraq) and NEO Pay Iraq in Forbes’ elite list demonstrates the transformative power of fintech on Iraq.