Riyadh: Finastra announced that Mediterranean Bank—the Libya‑based retail and corporate lender—has selected its next‑generation core banking platform, Finastra Essence, to overhaul its digital services and streamline operations On April 15, 2025.
The implementation, supported locally by fintech partner EVO Digital Solutions Co. under Finastra’s oversight, will cover both conventional and Islamic banking. By migrating deposits, payments, teller functions and signature verification onto a cloud‑first, microservices architecture, Mediterranean Bank aims to speed up product launches, reduce costs and personalize customer experiences across its branch network.
Once live, the bank expects to gain greater agility to respond to market demands, rapidly introduce new services and strengthen customer support. Chairman Emad Alaakili said the move aligns with the bank’s dual goals of boosting profitability and promoting economic development, while balancing social responsibility with financial stability.
Libya’s financial sector is undergoing rapid modernization following years of political upheaval, and digital platforms are seen as critical to expanding access and rebuilding trust. By adopting a scalable core system designed for longevity and innovation, Mediterranean Bank positions itself at the forefront of the country’s recovery, ready to meet evolving customer needs and support sustainable growth.
