Announcing the mechanism for granting license applications for electronic payment companies

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Announcing the mechanism for granting license applications for electronic payment companies

The Central Bank of Iraq confirmed today, Sunday, that license applications are still being accepted and disclosed the process for licensing electronic payment firms.

“The application includes a detailed explanation of the added value to the electronic payment sector in Iraq that will be provided by the company to be licensed, especially in the field of collection technologies,” the Central Bank stated, indicating that the applicant must have at least three years of experience in the field of electronic payments and the payments industry, including the founders and participants. bringing unique and useful services to the Iraqi market, making it more contemporary.

The bank made it clear that in addition to what is specified in the electronic payment services system, the request includes the minimum standards for accepting applications for obtaining a license to operate as an electronic payment service provider. The request also includes a detailed technical feasibility study of what the company to be licensed will provide. Applications that do not comply with the previously indicated license requirements will be denied, the bank said.