Wahda Bank, one of Libya’s largest banks, has partnered with Backbase to launch a new digital banking platform. The service will first cater to businesses in 2027, followed by retail customers. This move aligns with the Central Bank of Libya’s push for a digital-first banking sector.
A Digital Shift for Libyan Banking
The platform will offer Arabic-first services with full English support. Businesses will be able to open accounts online, manage payroll, and pay bills through a single app. Retail customers will gain access to card services and money management tools. This integration aims to streamline banking processes, reducing the need for branch visits.
Wahda Bank’s partnership with Backbase reflects its commitment to Libya’s digital transformation. The bank’s CEO, Rami Benissa, emphasized that the collaboration will enable their engineers to extend the platform’s capabilities over time. The Banking OS will integrate with Wahda’s existing systems, including Oracle FLEXCUBE and Libya’s instant-payment rails, LYPay and OnePay.
Empowering Businesses and Consumers
Libyan businesses currently face limitations in digital banking services. Wahda’s new platform will address this gap by offering invoice management and electronic identity verification. Branch and contact center staff will also benefit from a unified workspace to serve customers more efficiently.
The Central Bank of Libya’s National Financial Inclusion Strategy prioritizes electronic payments and support for small and medium-sized businesses. Wahda’s initiative aligns with these goals, aiming to modernize the country’s financial system. Backbase’s AI-native platform will serve as the foundation for future services, including corporate banking and conversational AI.
A Strategic Partnership for Growth
Backbase’s founder and CEO, Jouk Pleiter, highlighted Wahda’s role in shaping Libya’s digital economy. By starting with a unified platform, Wahda positions itself to lead market innovation. The partnership also includes joint training programs through Backbase Academy, ensuring Wahda’s engineers develop the skills to maintain and expand the platform.
Ahmed Gadalla, Chairman of Alushibe Holding Group and a Wahda Bank shareholder, attended the partnership announcement. His presence highlighted his interest in advancing Libya’s banking sector and promoting digital financial services. “A modern economy depends on people and businesses being able to bank wherever they are. Too many Libyans still depend on a branch for the most basic services. Wahda Bank’s long-term partnership with Backbase will bring digital banking to customers across the country, and help build the financial system Libya needs to grow.”
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