6 days ago
Iraq's Central Bank advances Digital Payment Transformation
By John Lee.
Central Bank of Iraq (CBI) Governor, Ali Mohsen Al-Alaq, has outlined the Bank's progress in developing a secure and integrated electronic payment system, in line with international standards and best practices.
Speaking at the Comprehensive Transformation to Electronic Payment Conference in Baghdad, he said the systems have improved the efficiency and reliability of financial operations and supported strategic initiatives in partnership with the government, including salary localisation, electronic security, and development financing programmes.
Al-Alaq described digital transformation as a strategic choice for building a modern state, diversifying the economy, and delivering transparent public services. He said Iraq has a historic opportunity to create an investment-friendly economy capable of tackling challenges and combating corruption.
Key CBI initiatives include:
The instant payment system, enabling 24/7 money transfers and easier user experience.
The unified government payment gateway, reducing manipulation and increasing trust.
The national card scheme, ensuring digital sovereignty, reducing reliance on foreign systems, and offering products tailored to the local market.
The development of the national switch to support higher transaction volumes with speed, stability, and security.
The Bank is also conducting an in-depth study on regulating transactions in crypto-assets, addressing risks and opportunities while meeting financial stability, anti-fraud, anti-money laundering, and counter-terrorism financing requirements.
The Governor called on the media and educational institutions to launch awareness programmes on the benefits of electronic payments and the risks of informal transactions, emphasising the need for cooperation among government agencies, the banking sector, technology firms, and civil society to build public trust.
(Source: CBI)
