The Governor of the Central Bank of Iraq (CBI) and Chairman of the Iraqi Payments Council, Ali Mohsen Al-Allaq, recently chaired the regular meeting of the National Payments Council at the bank’s headquarters in Baghdad.
The Governor meeting included senior Central Bank officials, representatives from key ministries, government agencies, private-sector leaders, and delegates from public and private banks. Electronic payment service providers also attended.
The council focused on improving Iraq’s payment systems and financial technologies. Members discussed strengthening the technical, legislative, and regulatory frameworks that govern digital payments. They also reviewed plans to expand the use of electronic payment tools in ministries, government institutions, and private businesses. These efforts support the government’s digital transformation strategy.
Officials stressed the importance of financial and digital literacy. Citizens need guidance on safely using digital financial services. Protecting users from cybersecurity risks and fraud remains a key priority. The council also discussed public awareness campaigns to reduce risks.
Progress in digital infrastructure and financial services in public banks was highlighted. Public banks are essential for expanding digital payment adoption nationwide. Recommendations included introducing fintech solutions in the education sector. Programs supporting students and youth were emphasized. Financial literacy initiatives targeting young Iraqis were also encouraged.
The Iraqi Payments Council coordinates efforts among legislative, regulatory, and executive authorities. It also works closely with public and private financial institutions. Its goal is to improve national and electronic payment systems while enhancing financial inclusion.
By boosting technical capabilities, strengthening regulations, and raising awareness, the council aims to create a secure, efficient, and inclusive payment ecosystem. These measures will support Iraq’s economic modernization and long-term growth.