Iraq aims for banking power with digital finance strategy
Baghdad (IraqiNews.com) – Iraq's financial sector is showing significant development, with the country ranking third in the Arab world for the number of issued bank cards, a key indicator of growing public and international confidence, Prime Minister's Financial Advisor Mazhar Mohammed Salih announced Saturday (May 31, 2025). This comes as Iraq prepares to fully implement electronic collection (e-collection) systems by mid-2025.
Salih stated that the full adoption of e-collection will enhance transparency and professionalism, boosting the confidence of global financial institutions in Iraq's economy. He emphasized this digital shift facilitates non-cash transactions, financial inclusion by bringing more citizens into the formal banking system, and prepares Iraq for fintech investments.
Echoing this positive outlook, UN Representative Mohammed Al-Hassan noted on Friday that Iraq is poised to become a 'domestic and international banking power,' with the UN supporting steps to restore trust in its financial sector.
These advancements, part of Iraq's national strategy for digital transformation and sustainable development, aim to create a robust digital market, reduce poverty, and facilitate broader economic reforms.
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