This week’s edition of Finovate Global features recent fintech news from the north African nation of Libya.
Tadhamun Bank Libya partners with JMR Infotech for AI Chatbot and Voicebot
Tadhamun Bank Libya has turned to JMR Infotech, a digital transformation and banking technology solutions provider, to assist in the implementation of its AI-powered Smart Social Banking Chatbot and Voicebot. The announcement expands the relationship between the two entities; JMR Infotech has been a strategic technology partner to Tadhamun Bank since providing the financial institution with transformation programs such as Oracle FLEXCUBE, Oracle Banking Digital Experience (OBDX), and Oracle Financial Services Analytical Applications (OFSAA), as well as ongoing managed services support.
The new Chatbot and Voicebot will automate customer onboarding and enable instant interactions, boosting customer engagement while simultaneously reducing reliance on traditional support channels. The technology will be deployed across the web, WhatsApp, and Messenger channels, enabling customers to interact with the bank for onboarding, fund transfers, real-time query resolution, and more. The bank believes that the new offering will improve response times, optimize service delivery, and reduce both call center volumes and operational costs.
“Our focus is on continuously enhancing customer experience while improving operational efficiency,” Tadhamun Bank General Manager Osam Alabearsh said. “JMR Infotech’s AI-powered Smart Social Banking Chatbot and Voicebot stood out for its practical use cases, flexibility, and ability to integrate seamlessly with our existing platforms. This initiative will play a key role in simplifying onboarding and enabling more accessible, always-on banking services for our customers.”
Founded in 2007 and headquartered in Bangalore, India, JMR Infotech is an information technology solution provider that specializes in helping financial institutions and other businesses better interact with their customer and extended eco-systems. An Oracle Platinum Partner, JMR has been part of multiple core transformations and includes core and digital banking modernization, regulatory compliance, customer experience platforms, enterprise planning solutions, advanced analytics, and AI-powered engagement among its areas of expertise. Jayafar Moidu is Founder and CEO.
“We are delighted to extend our partnership with Tadhanum Bank through the introduction of our AI-powered Smart Social Banking Chatbot and Voicebot,” JMR Infotech Head of Global Sales and Business Development, Naman Jain, said. “This engagement reflects the trust we have built over the years and our shared vision of driving meaningful digital transformation. Our solution is designed to combine intelligence, scalability, and flexibility, enabling banks to deliver superior customer experiences while achieving measurable business outcomes.”
With $421 million in total assets, Tadhamun Bank was founded in 1998. Headquartered in Tripoli, the institution is known for its emphasis on innovation and customer service relative to its larger, state-owned rivals.
Network International teams up with Al Seraj Islamic Bank
Speaking of fintech and bank partnerships, UAE-based Network International has partnered with Libya’s Al Seraj Islamic Bank. The company will provide the bank with an end-to-end system to facilitate digital payment processing in a bid to help boost financial inclusion.
“Al Seraj Islamic Bank’s decision to partner with us reflects our leadership in the MEA region and our ability to deliver innovative, dependable solutions that transform payment ecosystems,” Mohamed Abu Gebba, Network International Regional Managing Director in charge of processing for North Africa, said. “Together we aim to advance financial inclusion, support the bank’s growth ambitions, and empower communities with secure, modern payment services.”
The partnership will deliver a range of digital payment processing solutions to the Libyan bank. These solutions include Visa sponsorship, prepaid issuing capabilities, as well as a suite of value-added services. Combined, the technology will empower Al Seraj Islamic Bank to streamline operations and expand access to digital payment options throughout the country.
“Partnering with Network International was a strategic decision driven by their proven service excellence, strong market reputation, and deep understanding of Libya’s banking landscape,” Al Seraj Islamic Bank CEO Foze Ghaith said. “Their end-to-end processing capabilities will enable us to launch advanced digital products, enhance customer experience, and accelerate our growth trajectory. This partnership reinforces our commitment to delivering world-class, Sharia-compliant digital banking solutions across Libya.”
Headquartered in Benghazi, Al Seraj Islamic Bank is a relatively new financial institution, founded in 2024. The bank is focused on delivering optimized banking services based on Sharia principles.
Founded in 1994 and headquartered in the UAE, Network International helps simplify commerce and payments for businesses throughout the Middle East and Africa. The company offers in-person, e-commerce, and payment gateway solutions; business payment and processing solutions; and value-added services for both merchants and processors. Network International operates in more than 50 countries and serves more than 130,000 merchants, as well as 250 financial institutions and fintech customers, while managing more than 16 million customer credentials.
Libyan Central Bank OKs E-Wallets for Foreign Residents
The Central Bank of Libya has announced new regulations that will allow non-Libyan legal residents in the country to access electronic wallet services.
The new policy enables licensed financial service providers to issue e-wallets to foreign residents who pass modest verification requirements including a valid passport or residency document issued by official Libyan authorities as well as a registered mobile phone number linked to their identity. Expanded access comes with new fund transfer limits, which have been implemented to manage the flow of digital funds and help ensure financial stability. Libyan citizens will face transfer limits of up to 100,000 dinars between individuals, 500,000 dinars from individuals to companies, and up to two million dinars between companies. Non-Libyan residents will have transfer limits of up to 50,000 dinars between individuals and up to 100,000 dinars from individuals to companies.
The new regulations are designed to expand access to formal financial services and reduce reliance on cash transactions in a country that is largely cash-based. Introducing e-wallet services will help support the development of Libya’s electronic payments ecosystem, and send a signal to investors and entrepreneurs that the country is increasingly committed to establishing a more formal and modern financial system.
Here is our look at fintech innovation around the world.
Central and Eastern Europe
Lithuanian regtech IDenfy launched an identity verification app for WooCommerce merchants.
Italian paytech Nexi teamed up with Visa to modernize card issuance in Germany.
Polish fintech PragmaGo has brought its Merchant Cash Advance (MCA) model to the Croatian market.
Middle East and Northern Africa
Libya’s Tadhamun Bank announced that it would deploy JMR Infotech’s social chatbots.
GCC-based wealth management firm, The Family Office, launched its AI-powered assistant, Wealth Mermaid, fully integrated into its Client app.
Payment orchestration platform MoneyHash teams up with Oman-based Thawani Pay.
Central and Southern Asia
Latin America and the Caribbean
Asia-Pacific
Sub-Saharan Africa
South African fintech Ozow teamed up with SME funding provider Lula to expand access to business financing for small and medium-sized enterprises (SMEs) across South Africa.
UK-based cross-border payments company LemFi expanded its remittance services to Kenya.
A new report from Boston Consulting Group (BCG), Beyond Payments: Unlocking Africa’s Second FinTech Wave, suggested that revenues from African fintechs will grow 13x to $65 billion by 2030.
Photo by Moayad Zaghdani on Unsplash
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