Iraq’s digital financial sector is making strong progress. The country now ranks third in the Arab world for issued bank cards. This signals growing trust in Iraq’s banking system, both from its people and international partners.
Iraq’s financial leaders credit this success to a shift toward full electronic collection systems. The government plans to complete the rollout of these systems soon. Once finished, they will allow easier and safer payments across the country. More importantly, they will reduce the need for cash transactions.
Iraq’s digital financial sector plays a big role in this shift. The move to e-collection helps make payments more transparent and secure. This encourages financial institutions from around the world to engage more with Iraq. Investors are more likely to participate when a system is clear and trustworthy.
The Prime Minister’s financial advisor, Mazhar Mohammed Salih, explained that this digital change helps improve financial inclusion. More people will now be able to open bank accounts and use formal banking services. This gives citizens better access to loans, savings, and mobile banking tools.
Salih also pointed out that Iraq’s progress will attract more fintech investment. With digital tools growing in use, tech companies may enter the Iraqi market. This will likely lead to better apps, faster services, and more banking options for everyone.
Iraq’s digital financial sector has also earned praise from international bodies. The United Nations supports these efforts and believes Iraq is becoming a strong banking force. UN Representative Mohammed Al-Hassan said Iraq could grow into both a local and global financial power.
This praise shows that Iraq is heading in the right direction. Its digital finance efforts form a key part of a larger national plan. This strategy aims to reduce poverty, modernize the economy, and support sustainable development. It also lays the groundwork for a more connected digital market.
Moreover, this change supports wider economic reforms. When citizens trust banks and use them more, the government can better collect taxes and manage spending. Transparency also cuts down on corruption and waste.
In conclusion, Iraq’s digital financial sector is quickly transforming. From more bank cards to full e-collection systems, Iraq is building a modern, trusted financial system. These changes will help the country grow, attract investment, and create a fairer economy.
Iraq’s digital financial sector is making strong progress. The country now ranks third in the Arab world for issued bank cards. This signals growing trust in Iraq’s banking system, both from its people and international partners.
Iraq’s financial leaders credit this success to a shift toward full electronic collection systems. The government plans to complete the rollout of these systems soon. Once finished, they will allow easier and safer payments across the country. More importantly, they will reduce the need for cash transactions.
Iraq’s digital financial sector plays a big role in this shift. The move to e-collection helps make payments more transparent and secure. This encourages financial institutions from around the world to engage more with Iraq. Investors are more likely to participate when a system is clear and trustworthy.
The Prime Minister’s financial advisor, Mazhar Mohammed Salih, explained that this digital change helps improve financial inclusion. More people will now be able to open bank accounts and use formal banking services. This gives citizens better access to loans, savings, and mobile banking tools.
Salih also pointed out that Iraq’s progress will attract more fintech investment. With digital tools growing in use, tech companies may enter the Iraqi market. This will likely lead to better apps, faster services, and more banking options for everyone.
Iraq’s digital financial sector has also earned praise from international bodies. The United Nations supports these efforts and believes Iraq is becoming a strong banking force. UN Representative Mohammed Al-Hassan said Iraq could grow into both a local and global financial power.
This praise shows that Iraq is heading in the right direction. Its digital finance efforts form a key part of a larger national plan. This strategy aims to reduce poverty, modernize the economy, and support sustainable development. It also lays the groundwork for a more connected digital market.
Moreover, this change supports wider economic reforms. When citizens trust banks and use them more, the government can better collect taxes and manage spending. Transparency also cuts down on corruption and waste.
In conclusion, Iraq’s digital financial sector is quickly transforming. From more bank cards to full e-collection systems, Iraq is building a modern, trusted financial system. These changes will help the country grow, attract investment, and create a fairer economy.