The Central Bank of Iraq (CBI) has met with licensed electronic payment companies as part of its ongoing efforts to strengthen the country’s digital payments sector and expand financial inclusion.
During the meeting, the CBI governor stressed the need for electronic payment companies to improve the quality, efficiency, and reliability of their services. He said stronger and more dependable services are essential for building public trust in digital payments and encouraging people to rely less on cash transactions.
The governor also emphasized the importance of complying with international standards, especially when it comes to cross-border transactions. According to the CBI, meeting these standards will be necessary for increasing payment card limits and introducing new financial products and services in the future.
Participants discussed a number of joint measures that the Central Bank and payment companies plan to implement to reduce card misuse and improve the overall security and performance of Iraq’s payment system.
The meeting also focused on expanding the country’s electronic payment infrastructure. The governor called for closer cooperation among payment companies to increase the number of businesses that accept electronic cards, improve payment collection and processing services, and strengthen partnerships with banks licensed by the Central Bank.
The discussions reflect Iraq’s broader push toward digital finance and cashless transactions. By improving payment services, expanding acceptance networks, and enhancing security standards, the Central Bank aims to create a more modern and efficient financial system that is accessible to a larger portion of the population.
Officials believe these efforts will help accelerate financial inclusion, support economic growth, and encourage greater use of electronic payment solutions across the country.
