E-payment firms to assist CBI in driving Iraq’s digital transition

The Central Bank of Iraq. Photo: INA Baghdad (IraqiNews.com) – Governor of the Central Bank of Iraq (CBI) Nizar Hussein met on Tuesday with representatives of licensed electronic payment companies to enhance their role in supporting the country’s digital transformation. The meeting addressed the role of e-payment firms in carrying out the CBI’s strategy to develop the electronic payments system and enhance financial inclusion. Hussein noted that in the next term, electronic payment firms must improve the services provided to customers while adhering to the highest quality standards. The step will boost public trust in electronic payment systems, foster the development of new digital payment solutions, reduce dependency on cash, and develop the digital economy, according to a statement released by the CBI. Hussein urged electronic payment firms to adhere to international standards governing international financial transactions to open up more chances for sector development, boost card limitations, and introduce new financial services that match residents’ requirements. The meeting addressed procedures that the CBI would adopt with electronic payment firms to eliminate card misuse, improve the security of the payment system, boost operational limitations, and offer advanced services to residents. Hussein also called for increasing collaborations with CBI-licensed banks to achieve financial sector integration and develop a modern, secure, and innovative payment system.