By John Lee.
The Central Bank of Iraq (CBI) has held a meeting with licensed electronic payment companies in Iraq to advance the development of the national payments system and promote financial inclusion.
According to the CBI, the governor emphasised that e-payment firms must raise the quality, efficiency, and reliability of their services to build public confidence in digital payment methods and reduce dependence on cash. He also stressed the importance of compliance with international standards, particularly for cross-border transactions, as a condition for expanding card usage limits and introducing new financial products and services.
The meeting discussed joint instructions and procedures to be implemented by the CBI and e-payment companies to reduce card misuse and improve the safety and efficiency of the payments system. The governor called for greater cooperation among e-payment firms to expand electronic card acceptance networks, develop collection and processing services, and strengthen partnerships with CBI-licensed banks.
(Source: Central Bank of Iraq)
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