World Bank hails Iraq’s progress with electronic payments as the nation rapidly expands its digital financial systems. The international institution praised Iraq for achieving significant milestones in financial inclusion and modern banking tools.
According to Saleh Mahoud, the Prime Minister’s Advisor for Banking Affairs, the World Bank commended Iraq’s rapid adoption of electronic payments. Moreover, officials highlighted the importance of the rising number of cards and payment devices, which clearly reflects the progress achieved.
Additionally, the Iraqi Private Banks League confirmed that transactions in August 2024 exceeded two trillion dinars, equal to nearly $1.52 billion. Its director, Ali Tarek, noted that Iraq now has around 20 million debit and credit cards. Furthermore, he explained that half of the population owns an electronic card, with some individuals holding several.
Meanwhile, Central Bank Governor Ali Al-Alaq revealed that financial inclusion has now passed 40 percent, up from just 20 percent three years earlier. He stressed that Iraq has created a comprehensive plan to digitize its banking sector. Therefore, electronic payments remain a key driver of Iraq’s digital transformation.
The Central Bank has already installed more than 4,000 ATMs nationwide. In addition, around 17 million cards are actively used for daily transactions. Furthermore, mobile wallet services continue to grow, allowing citizens to pay bills and transfer funds through their phones.
Equally important, Iraq has successfully linked its electronic payment system with international networks. As a result, citizens now use local cards abroad, and Iraqi banks accept foreign-issued cards inside the country. This step enhances convenience for Iraqis and strengthens Iraq’s global financial integration.
In conclusion, the World Bank hails Iraq’s progress with electronic payments as a remarkable step toward economic modernization. Iraq’s progress with electronic payments demonstrates resilience, strong reform policies, and dedication to innovation. By continuing to expand electronic banking services, Iraq is steadily securing its place within the global financial system.
