PM issues directives to develop electronic payment systems and enhance digital transactions

Iraqi News

06-03-2025

Baghdad-INA
Prime Minister Mohammed Shia Al-Sudani issued directives today, Thursday, regarding the development of electronic payment systems and the promotion of digital transactions in all government departments.
The Prime Minister's Media Office stated in a statement received by the Iraqi News Agency (INA):"In line with the government's administrative and financial reform strategy, as outlined in the government program, and in accordance with Prime Minister Mohammed S. Al-Sudani's vision for facilitating administrative and banking procedures, enhancing electronic payment systems, and promoting digital transactions across all government institutions—including efforts to facilitate company registration procedures to simplify company registration to foster a more business-friendly environment— the government reaffirms its dedication to strengthening the national economy and supporting initiatives, particularly those related to small and medium-sized enterprises (SMEs). Accordingly, the Prime Minister has issued the following directives:
1. Directing the Baghdad Chamber of Commerce, the Federation of Iraqi Chambers of Commerce, and the Iraqi Federation of Industries to collaborate with relevant authorities to facilitate procedures within a six-month timeframe by implementing business process automation and digital transformation in these institutions. This initiative aims to accelerate company registration procedures and strengthen electronic payment systems.
2. Facilitate the authentication process for company contracts, particularly for small and medium-sized enterprises (SMEs), by allowing contracts to be verified through a confirmation letter from a notary public, ensuring swift approval without delays.
3. Explore the possibility of establishing a notary public office within the Baghdad Chamber of Commerce to certify company incorporation contracts and streamline related procedures.
4. Mandating business owners to open a bank account at a licensed Iraqi bank, based on an official endorsement from the Baghdad Chamber of Commerce, as a requirement for completing company registration and obtaining the company ID and incorporation certificate.
5. Enhancing the adoption of electronic transactions and digital payment systems within the modern business environment, in coordination with the Central Bank of Iraq, by issuing a directive to all banks to simplify account opening procedures for small and medium-sized enterprises (SMEs).
6. Coordinate with the Central Bank of Iraq to issue a directive to banks to provide financial incentives and banking facilities for companies, including loans, banking services, electronic transfers, and the adoption of digital payment solutions and financial technology innovations.
7. Launch a public awareness campaign to educate citizens and investors on the new procedures, producing informational content that explains company registration processes, the benefits of digital transformation, and available banking opportunities.
8. Form a specialized committee comprising relevant authorities to oversee the implementation of these measures and submit periodic progress reports on the execution of the recommendations.