Iraq remains about five years behind global trends in digital payments, according to Yazen Altimimi, who says the country’s financial technology sector is making progress but still faces major challenges.
Altimimi, the chief executive of ZainCash, said growing interest among Iraq’s young population is helping drive the adoption of digital payment services. However, he noted that heavy reliance on cash transactions continues to slow the shift toward a more modern financial system.
He explained that many consumers and businesses still prefer using cash for daily transactions, making it difficult for digital payment providers to expand at the pace seen in more advanced markets.
Another challenge facing the sector is a shortage of skilled technology professionals. According to Altimimi, finding and retaining qualified talent remains a significant obstacle for fintech companies seeking to develop new products and scale their operations.
He also pointed to extremely low transaction fees as a factor limiting growth. While low fees benefit consumers, they can make it harder for payment companies to generate enough revenue to invest in technology, security, and service improvements.
Despite these challenges, Altimimi expressed optimism about the future of digital payments in Iraq. He said the country’s large and increasingly tech-savvy youth population represents a major opportunity for growth as more people become comfortable using mobile wallets, online payments, and digital financial services.
The comments come as Iraq continues efforts to modernize its financial sector and reduce dependence on cash. Government agencies, banks, and fintech firms have been promoting electronic payment systems as part of broader plans to improve financial inclusion, increase transparency, and support economic development.
Industry observers believe that continued investment in digital infrastructure, public awareness, and regulatory reforms will be essential if Iraq hopes to close the gap with more developed digital payment markets over the coming years.
