Iraq’s Central Bank continues pushing forward with rapid digital transformation. The country aims to build a transparent, tech-driven economy. As well as, Governor Ali Mohsen Al-Allaq outlined this vision during the E-Payment Transformation Summit in Baghdad.
Under Al-Allaq’s leadership, the Central Bank launched several new platforms. These include instant payments, a national card system, and a unified gateway for government payments. All systems align with global standards. However, these tools support salary transfers, digital IDs, and development funding.
Officials say Iraq’s digital economy needs more secure, local systems. The national card scheme helps protect digital independence. Iraq wants to reduce dependence on foreign technology in banking.
The Bank also continues improving cybersecurity across the country’s financial sector. However, iraq works with global partners like the World Bank, Arab Monetary Fund, and others. A new reform strategy for 2025–2029 will guide these changes.
This strategy focuses on improving consumer protection, access to banking, and digital infrastructure. All of it uses international best practices to shape Iraq’s growing digital system.
Al-Allaq also announced a bold future plan: a digital currency. This currency will replace central banknotes and shift payments online. Iraq already sees progress in this area.So, over 1.2 million Iraqis now use electronic wallets. In addition, more than 17 million bank cards are active across the country.
To support these advances, the Central Bank will open a modern data center. This center will handle all digital banking services. It will also store essential financial records.
Iraq’s digital economy also relies on safety. Al-Allaq confirmed steps to fight money laundering and terror funding. Iraq uses digital IDs and stronger laws to stop fraud. Global cooperation plays a key role in this mission.
The Central Bank’s reforms will improve banking for everyday Iraqis. By adopting modern tools, Iraq hopes to reach more citizens and promote financial inclusion.
Officials say the digital roadmap creates jobs and boosts trust in the banking system. As well as, they believe that Iraq’s digital economy will bring long-term growth and stability.
Through global partnerships and advanced tools, Iraq continues shaping a financial future based on innovation and security.