Egyptian financial institution MIDBANK has overhauled its legacy systems, replacing them with new core banking technology.

The move forms part of the Giza-headquartered bank’s wider plans to modernise its operations and deliver “next-generation” banking services across Egypt.

MIDBANK said that the go-live followed a “big bang approach” whereby the legacy system was decommissioned and replaced with a platform from its tech partner Temenos in a single transaction.

Established in 1975, MIDBANK provides a comprehensive range of banking products and services across multi-sector client base.

“We turned off the light on one system, and turned on the light on another,” said Amr El-Garhy, chief executive and managing director of MIDBANK. “It was a bold decision, but we were well prepared.”

According to the bank, the modernisation has already reduced transaction processing times, improved operational efficiency, and enhanced customer satisfaction.

MIDBANK is also planning to launch new digital channels and explore AI-driven features using technology from Tenemos, including a product manager Copilot.

The bank says its modernisation supports Egypt Vision 2030, a scheme launched by Egypt in 2016 as the country's first version of the Sustainable Development Strategy.

The initiative aims to drive a competitive, balanced, and diversified economy in the country through knowledge and innovation.

The digital transformation also supports the Central Bank of Egypt’s digital agenda, which involves advancing financial inclusion and sustainable economic development.

The company's revamp of legacy systems is the latest move in the bank's digital transformation plans.

Earlier this year, it announced the signing of a long-term cooperation agreement with Visa, enabling the bank to offer the latest digital payment technologies from the global payments giant.

At the time, it said that the partnership would help drive digital transformation by supporting the transition to a less cash-dependent society and empowering customers to "perform all banking transactions with ease and security."

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