The Central Bank of Iraq, led by Governor Ali Al-Alaq, announced that the country’s electronic payment system has been integrated with global networks, boosting financial inclusion to over 40%. The number of electronic payment devices has soared to 63,000, with over 4,000 ATMs and 17 million bank cards in use. Al-Alaq emphasized the importance of mobile e-wallets in achieving these milestones.
On Wednesday, Ali Al-Alaq, the Governor of the Central Bank of Iraq, revealed significant advancements in Iraq’s electronic payment system, highlighting a rise in financial inclusion to over 40%. This integration into global payment networks marks a critical step in modernizing the banking framework.
Al-Alaq discussed a comprehensive roadmap aimed at digitizing banking services, with electronic payment as the pivotal element in this transformation. There are currently 63,000 electronic payment devices operational across the country.
The report also noted the presence of over 4,000 ATMs and approximately 17 million bank cards in circulation. Mobile e-wallet licensing and operations have been supported by the Central Bank, contributing to higher financial inclusion, which increased from 20% to over 40% within three years.
Currently, there are 1.2 million permanent e-wallets. Moreover, Iraq’s electronic payment system has achieved international connectivity, enabling local acceptance of foreign payment cards and broadening the international usability of Iraqi cards. Al-Alaq characterized these developments as a groundbreaking transformation within Iraq’s financial sector.
The integration of Iraq’s electronic payment system into global networks, alongside the significant increase in financial inclusion, reflects the Central Bank’s commitment to modernizing its banking services. With substantial infrastructure investments and digital wallet services, these advances signify a key transformation in Iraq’s financial landscape.
Original Source: ina.iq
