Central Bank: Achieved international integration by linking the Iraqi electronic payment system to global networks
The Governor of the Central Bank of Iraq, Ali Al-Alaq, announced today, Wednesday, that the financial inclusion rate has risen to more than 40 % , noting that the bank has achieved international integration by linking the Iraqi electronic payment system to global networks.
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Al-Alaq said in a speech during the ninth annual exhibition and conference for finance and banking services in Iraq, "There is a complete roadmap for digitizing banking services through electronic payment as a main tool for digital transformation, as the number of devices has reached 63 thousand devices in the governorates of Iraq," according to what was reported by the official news agency.
He added, "The number of electronic teller machines has reached more than 4,000 machines and the number of bank cards is about 17 million cards," indicating that "the Central Bank supported the licensing and operation of electronic wallets via mobile phone that allow charging, transferring and paying bills, which raised the rate of financial inclusion to more than 40 % compared to 20% three years ago
He pointed out that "the number of permanent wallets reached 1.2 million wallets, and we achieved international integration by linking the Iraqi electronic payment system to global payment networks, which allows the transformation of accepting foreign cards locally and expanding the acceptance of Iraqi cards internationally," adding that "the achievements made in the field of information technology and electronic payments in the Central Bank represent a fundamental shift in the financial system."
let's see what else happens today
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POST PRODUCTION UPDATE
they even tweeted about it
Central Bank Governor inaugurates the 9th Finance and Banking Conference
During his speech, His Excellency the Governor stressed that the current stage is witnessing a significant development in the electronic payment system by increasing the number of ATMs and credit wallets, noting that the support provided by the Central Bank has helped raise the financial inclusion rate in Iraq to 40% after it was 20% about two years ago.
The Governor pointed out that Iraqi banks are witnessing qualitative transformations in their banking operations today, especially with regard to financial transfers of different currencies by adopting approved global systems and programs that help them in these advanced transformations in financial services.
In his speech, he outlined the features of future banks that will transform from traditional entities to smart digital platforms and issue digital financial identities that facilitate financial transactions without the need for banks.
He added that the financial and banking system will witness the decline of paper currencies to be replaced by digital payments for central banks, and that the Central Bank is moving to create its own digital currency to gradually replace the paper process as is happening in some central banks in the world, indicating work to establish a data center in Iraq similar to the major centers in the world, as it is an indispensable part of the digital economy and a basis for artificial intelligence, applications, big data analysis and the Internet, and that the Central Bank of Iraq has begun steps in this direction, calling for the formulation of a comprehensive Iraqi vision for digital transformation.
Media Office
February 26, 2025
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