The Iraqi Ministry of Finance has announced significant strides in digital transformation and the adoption of electronic payment systems, marking a pivotal step toward enhancing financial efficiency and reducing reliance on cash transactions. These developments are seen as part of a broader initiative to diversify the national economy and promote financial sustainability. The ministry also highlighted ongoing efforts to automate customs procedures, ensuring greater transparency and compliance in the country’s financial systems.
Speaking at the Fourth Annual International Scientific Conference, titled “Digital Financial Services: Challenges and Future Prospects,” the Ministry’s representative, Deputy Minister Ribaz Mohammed Hamdan, emphasized the rapid evolution of digital financial services, driven by cutting-edge technology. According to Hamdan, these advancements have fundamentally transformed financial processes, reducing dependence on cash while expanding access to banking services for individuals previously excluded from traditional financial systems.
“We have achieved major milestones in digital transformation, including online financial transfers, electronic payments, internet-based loan services, and mobile banking,” Hamdan explained. “These innovations have accelerated financial transactions, minimized the reliance on physical cash, and extended essential services to more people.”
Hamdan also emphasized the ministry’s commitment to fostering innovation and collaboration in financial technology. However, he acknowledged the challenges associated with cybersecurity risks, which were a key topic of discussion during the conference. Participants explored solutions to enhance security measures and mitigate potential risks in the digital financial services sector.
In addition to advancements in digital payments, the ministry has made significant progress in automating customs procedures, which is expected to improve transparency, promote integrity, and strengthen anti-corruption measures. To ensure that these new systems are effectively utilized, the ministry is also providing comprehensive training programs at the Financial and Accounting Training Center. These programs are aimed at equipping employees with the necessary skills to fully leverage digital tools, ultimately improving financial performance, building public trust, and supporting Iraq’s broader economic objectives.