Germany working on Financial Inclusion in Iraq

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Germany working on Financial Inclusion in Iraq

Germany’s Gesellschaft für Internationale Zusammenarbeit (GIZ) has partnered with the Iraqi Private Banks League (IPBL) to promote more inclusive financial services.

“We can make a significant contribution to financial inclusion in Iraq by harnessing the strengths of both the private and public sectors,” said Lutz Zimmermann, GIZ Iraq’s Country Director, during the kick-off event.

GIZ and IPBL have signed an agreement, officially marking the beginning of their collaboration on two major projects. The first is the IN4FI advisory program, which aims to assist Iraqi financial service providers in developing inclusive financial services or products. The second is the financial literacy application called “Masrafi”.
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Adnan Asaad, Director General of the Payments and IT Department at the Central Bank of Iraq (CBI), emphasized that financial inclusion is not only a goal, but also a tool that will assist the CBI in maintaining monetary stability in Iraq during the next phase.

This activity is part of the Financial Inclusion for Economic Restart and Integration Project, co-funded by Germany’s Federal Ministry for Economic Cooperation and Development and the European Union.