Three Iraqi Fintechs Listed In Forbes’ Top 50 Middle East Fintechs
March 16, 2025 Baghdad (IraqiNews.com) – Iraq’s financial technology sector has gained significant recognition, with three Iraqi fintech firms
—ZainCash, NEO Iraq, and NASS e-Payment—
being listed among Forbes’ Top 50 Fintechs in the Middle East.
ZainCash (Ranked 11) ZainCash, a mobile wallet service owned by March Holding, is a key player in Iraq’s digital payment landscape.
It offers services such as merchant payments, digital vouchers, government bill settlements, international and domestic transfers, and mobile top-ups.
With a vast network of 10,000 cash-in/out agents and over a million active users, the company processed more than 35 million transactions in 2024.
Looking ahead to 2025, Zain Cash aims to expand its portfolio by introducing trading, Buy Now Pay Later (BNPL) options, and instant micro lending services.
NEO Iraq (Ranked 39) NEO Pay Iraq facilitates online shopping and digital transactions through websites, mobile applications, and point-of-sale terminals.
The company provides both virtual and physical prepaid cards linked to its mobile app.
By December 2024, NEO Iraq had established a network of over 650 agents, reached 212,000 active cardholders, and processed $509 million in transactions.
Additionally, its app had been downloaded 420,000 times by the end of the year.
NASS e-Payment (Ranked 41) NASS e-Payment delivers payment solutions to individuals, businesses, and government institutions across Iraq.
The company began issuing payment cards in 2024 and became an official partner of Visa and Mastercard. By the close of 2024, NASS e-Payment had 452,000 active users, processed $417 million in transactions, and recorded 602,633 app downloads.
Iraq’s Growing Fintech Presence
ZainCash and NEO Iraq had previously been included in Forbes’ rankings, reaffirming their sustained impact in the fintech sector.
The addition of NASS e-Payment this year further highlights the ongoing growth of Iraq’s digital financial ecosystem.
Forbes reported that the fintech firms on its list collectively handled over $240 billion in transactions and raised more than $3.8 billion in capital, showcasing the sector’s rapid expansion and influence in the Middle East.
https://www.iraqinews.com/iraq/three-iraqi-fintechs-listed-in-forbes-top-50-middle-east-fintechs/
Rafidain Bank: Record Growth In Electronic Collection Settlements For Government Departments’ Accounts.
Time: 2025/03/16 20:18:04 Read: 1,785 times {Economic: Al Furat News} The Government Revenue Collection Department at Rafidain Bank announced today, Sunday, an
unprecedented growth in electronic collection settlements for government departments’ accounts during 2024.
The department confirmed the increasing pace of collections via electronic payment companies, reflecting the significant development in adopting digital systems in government revenue management.
According to statistics issued by Rafidain Bank, a copy of which was received by {Euphrates News}, the
total amounts collected during 2024 amounted to more than 6.06 trillion Iraqi dinars, recording a continuous increase compared to the first months of the year.
September 2024 witnessed the highest growth rate, as total settlements reached 838.5 billion dinars, an increase of 11.12% compared to the previous month. Rafidain Bank added,
“At the beginning of 2025, the system continued its strong performance, with total collections in
January 2025 reaching approximately IQD 707.5 billion, followed by
February with IQD 689.2 billion.
Government departments also recorded a significant increase in the activation of the electronic collection system, with the number of activated entities rising to
1,808 by February 2025, compared to
1,395 in December 2024.”
He emphasized that “this significant growth reflects the success of the state’s efforts to
promote digital transformation,
reduce reliance on cash, and
achieve higher levels of transparency and financial efficiency. He also emphasized that
the electronic tax collection system represents a fundamental pillar in
improving collection mechanisms and
reducing the risk of financial corruption.”
Rafidain Bank concluded, “This qualitative leap comes within the framework of the ongoing efforts led by Rafidain Bank,
in cooperation with government agencies, to
support the digital economy,
enhance confidence in electronic financial transactions, and
raise the efficiency of the financial sector in Iraq.”
https://alforatnews.iq/news/مصرف-الرافدين-نمو-قياسي-في-تسويات-الجباية-الإلكترونية-لحسابات-دوائر-الدولة
Experts: E-Commerce Supports The National Economy And Startups
Economic 03/13/2025 Baghdad: Hussein Thaghab The Cabinet’s announcement of the issuance of the “E-Commerce Regulatory System” was widely welcomed in economic circles.
This system aims to establish a clear legal framework regulating online buying and selling.
This decision is part of the
government‘s efforts to foster a safe and regulated digital environment that
supports electronic payments and
guarantees the rights of all stakeholders,
contributing to expanding the scope of digital commerce and
taking it to a more advanced level.
Finance and development expert Dr. Aqeel Jabr Al-Muhammadi confirmed to Al-Sabah that the
issuance of this system represents a qualitative step towards stimulating electronic payment and guaranteeing consumer rights.
He pointed out that it will encourage stores and digital platforms to register officially and adhere to consumer protection standards. He also explained that
this regulation contributes to providing a more flexible competitive environment for producers, marketers, and e-stores, which enhances From market dynamics. Al-Muhammadawi pointed out that
adopting electronic payments as a fundamental part of this system will be subject to the supervision of the Central Bank of Iraq, ensuring the control and regulation of digital financial transactions.
This regulation also opens the way for linking the Iraqi e-market with Arab and global markets, enhancing opportunities for digital trade exchange.
Economists believe that the “e-commerce regulatory system“
not only regulates markets and protects consumers, but also
represents a real opportunity to support the national economy, particularly startups and entrepreneurs, by
encouraging investment in modern financial technologies. According to Al-Muhammadawi,
this regulation lays a solid foundation for an integrated digital market in accordance with international standards, helping integrate new business operations into the national economy.
This system also
enhances official recognition of online business activities, including e-marketing and digital business process management, in addition to
providing advanced electronic means for displaying products and services.
Through the use of applications, commercial websites, and social media, buying and selling processes will be facilitated, while
e-governance and operations management will be improved according to the latest technical systems.
Earlier, the Association of Private Banks emphasized that regulating e-commerce is an urgent necessity to control digital markets and protect consumers, especially with the increasing incidence of fraud associated with online shopping.
In a related context, Al-Muhammadi stressed the
importance of supporting e-commerce intermediaries, given
their pivotal role in facilitating and connecting e-commerce and economic transactions.
He explained that these intermediaries contribute to enhancing e-payment tools and achieving integration between e-stores and consumers, which helps complete the cycle.
Digital business operations.
The regulation of e-commerce is expected to have a
positive impact on economic market growth indicators by enhancing the added value of the gross domestic product (GDP) and
achieving broader integration between the various components of the digital economy, thus
providing a favorable environment for the development of the e-commerce sector in Iraq.
For his part, Mustafa Akram Hantoush, a financial and economic expert, pointed out that
e-commerce in Iraq now
provides thousands of jobs through online applications,
enabling citizens to earn good profits that cover their daily expenses.
He praised the government‘s steps to regulate this trade through dedicated platforms that guarantee the rights of all parties, explaining that the
legal and financial regulation of this sector will contribute to its development and increase the volume of digital transactions.
In the same context, Ghazi Al-Kinani, advisor to the Global Smart Card Company, emphasized that
the government‘s decision to regulate the e-commerce market is extremely important, especially given the significant expansion witnessed in this sector in Iraq during the recent period. He explained to Al-Sabah that
e-commerce has become a vital, competitive sector that requires continuous development to keep pace with global changes. Al-Kanani pointed out that
the expansion of e-commerce operations in Iraq
reflects the country’s ability to keep pace with global developments in this field, in addition to
providing job opportunities for a wide range of youth in various specializations, which
contributes to improving the situation. Economic for Iraqi families.
https://alsabaah.iq/111627-.html
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