Finastra powers Mediterranean Bank’s core banking services in Libya

By Gloria Methri

Mediterranean Bank has selected Finastra’s Essence core banking platform to drive its digital transformation and deliver next-generation banking services across Libya. The move marks a significant step in the bank’s strategy to modernise operations, enhance customer experiences, and support both conventional and Islamic banking models.

With the implementation of Finastra Essence, Mediterranean Bank will gain greater agility to respond to evolving market demands, foster continuous innovation, and accelerate time-to-market for new banking products.

EVO Digital Solutions Co., a local FinTech partner of Finastra, is supporting the project. EVO is delivering technical and operational services under Finastra’s supervision, ensuring a smooth and efficient deployment. Leveraging EVO’s regional expertise and Finastra’s global best practices, the collaboration is set to deliver a seamless transition to the new platform.

“We are currently on a digital transformation journey to ensure we continue to deliver the best services to our customers through cutting-edge technology,” said Emad Alaakili, Chairman at Mediterranean Bank. “By implementing Finastra’s core banking solution, we are transforming our operations to drive greater efficiencies and provide our customers with the personalised banking services they expect. By increasing the robustness of our offering, this move also aligns with our goal to drive sustainable growth by balancing both profitability with social responsibility and economic development with financial stability.”

Finastra Essence is a cloud-first, next-generation core banking solution that combines deep functionality and advanced technology to increase enterprise agility, reduce costs and improve operational efficiency. Powered by an open, microservices architecture, Essence’s rich, broad and deep banking functionality enables institutions to deploy products and services rapidly. The solution will provide Mediterranean Bank with a comprehensive suite of services, including core operations, teller, payments and signature verification.

“We are pleased to help Mediterranean Bank achieve its objectives around customer-centricity and increasing its market penetration in Libya,” said Siobhan Byron, EVP, Universal Banking at Finastra. “Essence’s modular architecture and a microservices approach will enable the bank to innovate and scale as it grows seamlessly. Ultimately, we are empowering Mediterranean Bank to reimagine banking and keep pace with change, as it seeks to bring modern, digital financial services to customers.”