The Central Bank of Iraq (CBI) has signed a major cooperation agreement with the National Bank of Kuwait (NBK) – Bahrain to modernize financial services and strengthen Iraq digital payments. The signing took place at the CBI headquarters in Baghdad under the supervision of Governor Ali Mohsen Al-Allaq.
Therefore, the new partnership marks a milestone in regional banking cooperation. It focuses on digital transformation, training, and data exchange to enhance Iraq’s financial sector and promote efficiency across banking operations.
According to the agreement, both institutions will collaborate in several key areas. Under digital transformation, they will work to improve financial transfers and expand electronic payment services. In capacity building, the focus will be on training Iraqi banking professionals and exchanging modern expertise with international partners. For data exchange, the goal is to enhance statistical coordination and strengthen financial stability across the region.
Furthermore, the agreement was signed by Dr. Mohammed Younis Abu Ragheef, Director General of Investments at the CBI, and Ali Fardan, CEO of NBK – Bahrain. Governor Al-Allaq welcomed the visiting delegation and praised the growing ties between Iraq, Kuwait, and Bahrain. He emphasized that this cooperation will help Iraq’s banking system align with international standards and expand Iraq digital payments infrastructure.
This strategic collaboration reflects Baghdad’s broader goal to accelerate financial modernization and reduce cash dependence. By adopting advanced payment solutions and sharing banking expertise, Iraq aims to improve transparency, efficiency, and access to financial services nationwide.
The CBI continues to promote Iraq digital payments as part of its wider vision to build a secure, modern, and inclusive financial system that supports economic growth and regional cooperation.