The Iraqi financial transformation is moving forward with great momentum as the Central Bank of Iraq (CBI) launches three major projects to modernize the nation’s banking sector. These efforts aim to strengthen financial inclusion, enhance digital services, and integrate Iraq more deeply into the global economy.
The Central Bank now focuses on three main initiatives. The first is a local electronic card system designed to simplify everyday payments and transactions. The second is a fast payment system that allows individuals and businesses to transfer money instantly across banks. Finally, the third project introduces a unified invoicing system that ensures transparency and smooth operations between companies and financial institutions.
According to Salih Mahoud, the Prime Minister’s advisor for banking affairs, these projects will transform the country’s financial structure. He explained that Iraq’s banking system needs modern tools to match the pace of international markets. Therefore, the Central Bank has created a clear plan to complete these projects within a structured timeline.
Moreover, Iraq continues to learn from global experiences. The Central Bank collaborates with international financial experts to develop efficient digital solutions. This cooperation ensures that Iraq’s systems meet international standards while still serving local needs. As Mahoud noted, each project aims to make banking more accessible and reliable for every citizen.
Transitioning to a digital economy also supports broader economic growth. The Iraqi financial transformationencourages businesses to adopt secure electronic methods instead of relying on cash. As more people use the new systems, economic activities become faster and safer. Banks will also handle data more efficiently, reducing the risk of fraud and improving financial monitoring.
In addition, the unified invoicing system helps both public and private sectors manage financial records more effectively. It allows transparent communication between companies and government institutions. This new structure helps Iraq build trust within its financial environment and attracts potential investors who seek stability and modern banking tools.
Furthermore, Mahoud highlighted that digital inclusion stands at the center of the Central Bank’s strategy. By introducing these projects, Iraq aims to make financial services available even in remote areas. This effort ensures that people without access to traditional banks can still participate in the national economy.
Ultimately, the Iraqi financial transformation marks a turning point in the country’s development journey. These initiatives show that Iraq is ready to embrace innovation, improve efficiency, and strengthen its connection with the global financial network.