By John Lee.
The Governor of the Central Bank of Iraq (CBI) and Chairman of the Iraqi Payments Council, Mr. Ali Mohsen Al-Allaq, chaired the regular meeting of the National Payments Council at the Bank's headquarters.
The meeting was attended by Council members, including senior officials from the Central Bank, representatives of ministries and government entities, and members of the private sector, as well as representatives from financial and banking institutions such as public and private banks and electronic payment service providers.
Discussions focused on the Central Bank's initiatives to develop the technical, legislative, and regulatory infrastructure supporting payment systems and financial technologies. The meeting also reviewed ways to expand the adoption of electronic payment tools and channels across ministries, government institutions, and the private sector, in line with the government's strategic vision.
Members highlighted the importance of supporting efforts to enhance financial and banking awareness among all segments of society, as well as the need to protect citizens from cybersecurity risks and raise awareness about financial and digital fraud threats.
The Council also reviewed the progress of digital infrastructure and financial services offered by public banks, recognising them as key pillars of digital transformation and financial services development. Recommendations included expanding the use of payment and fintech solutions in the education sector, supporting students and youth, and promoting financial literacy initiatives targeted at these groups.
The Iraqi Payments Council aims to coordinate efforts and foster cooperation in national and electronic payment systems among legislative, regulatory, and executive authorities in both public and private sectors, as well as financial and banking institutions.
(Source: Central Bank of Iraq)
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