On Wednesday, the Central Bank of Iraq announced the establishment of the National Company for Electronic Payment Systems in Iraq.
The Central Bank has announced the establishment of the National Company for Electronic Payment Systems in Iraq. In a statement, the bank stated that the company is a significant development in Iraq’s financial infrastructure structure.
The statement announced that the new company would be responsible for efficiently developing, operating, and managing the national electronic payment and litigation systems. The company will also add new elements to serve the electronic payment environment.
He stated that the Central Bank of Iraq will organize and supervise these systems. The implementation process will begin, and the legal, executive, and operational framework for the company will be established with the participation of all interested parties. This will be done in accordance with the Bank Law and the applicable legislative frameworks.
He noted that this measure aligns with the rapid expansion of electronic financial services and products, as well as with the increasing number of users, in line with the government’s efforts to promote and adopt advanced electronic payment systems.
