Central Bank Governor: Developing the electronic payment system is a strategic option in building a diversified economy.
August 07, 2025 In his speech at the Comprehensive Transformation to Electronic Payments Conference held in Baghdad, His Excellency the Governor of the Central Bank of Iraq, Mr. Ali Mohsen Al-Alaq, emphasized that the bank has worked to develop electronic payment systems in an integrated and secure manner, including payment and settlement in accordance with the highest international standards and practices.
He explained that these systems have contributed to enhancing the
efficiency and reliability of financial operations and supported the
implementation of strategic initiatives
in partnership with the government to
localize salaries,
electronic fortification, and
development financing programs.
His Excellency the Governor explained that digital transformation has become a strategic choice for building a modern state, a diversified economy, and transparent government services.
International experience has also proven that digitization is not a luxury, but rather
a key driver for
sustainable development,
improving the work environment,
empowering youth, and
developing vital sectors.
His Excellency the Governor emphasized that Iraq faces a historic opportunity to embark on a clear vision
for an economy capable of
confronting challenges,
combating corruption, and
creating an attractive investment environment.
These systems have contributed to
enhancing the efficiency and reliability of financial operations and supported the
implementation of strategic initiatives in partnership with the government
to localize salaries, electronic fortification, and development financing programs.
The governor indicated that the Central Bank is working, as part of its plan,
to consolidate the electronic payment infrastructure by implementing several national projects,
such as the instant payments system, which allows for 24/7 financial transfers and
provides a smoother user experience, and the unified payments portal for government entities, which facilitates payment procedures, reduces manipulation, and increases trust.
The National Card Scheme, which builds an independent national system that
preserves digital sovereignty,
reduces reliance on external systems, and
opens the door to products that suit the local market.
* Fourth: Developing the national switchboard to support the
significant increase in transaction volume and
ensure the speed and stability of operations within a secure environment, in addition to
establishing partnerships with regional and international institutions and
deepening cooperation with global payment networks to benefit from their advanced tools.
His Excellency added that an in-depth study is underway to regulate crypto-asset trading,
taking into account the challenges, risks, and opportunities, ensuring financial stability requirements, and strengthening fraud prevention, anti-money laundering, and countering the financing of terrorism systems.
The Governor called on the media and educational institutions to launch awareness programs that highlight the advantages of electronic payments and the risks of dealing outside the official framework,
in order to build an integrated system characterized by efficiency and transparency,
placing Iraq among the ranks of developed countries.
He pointed out that the success of this transformation is not achieved through infrastructure alone,
but rather requires a real partnership between various relevant parties, including
government agencies, the banking sector, technology companies, and civil society organizations.
He also noted that raising community awareness of electronic payments and overcoming fears constitutes an essential element in building trust among the beneficiary parties. https://cbi.iq/news/view/2950
Joint Cooperation Between The Central Bank And Al-Hadbaa University
August 07, 2025 The Director General of the Central Bank of Iraq‘s Mosul branch, Dr. Hussein Lazem,
received a delegation from Al-Hadbaa University headed by the Dean of the College of Administration and Economics, Dr. Musab Abdul Salam Taha.
During the meeting, the two parties discussed training and development programmes that could be adopted within the framework of exchanging expertise.
The two parties also agreed to explore opportunities for joint cooperation in the areas of
enabling banking operations and promoting the concept of financial inclusion.
Central Bank of Iraq Media Office July 7, 2025 https://cbi.iq/news/view/2949
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