By John Lee.
The Central Bank of Iraq (CBI) chaired the latest meeting of the Iraqi Payments Council to review progress in adopting electronic payment systems across government institutions and the private sector.
The meeting discussed the procedures and mechanisms used by ministries and public sector bodies to implement e-payment technologies, the level of progress in using digital payment tools and channels, and the integration of these systems with financial and banking technologies as part of broader digital transformation plans.
The council also examined ways to improve private sector readiness to use electronic payment platforms for collecting revenues digitally and to integrate economic entities into the formal economy. It stressed the need to simplify procedures and regulate the relationship between these entities and government bodies according to their activities and classification. The continuation of salary domiciliation for private sector workers was also emphasised, in coordination with relevant government authorities and financial institutions.
In addition, the council reviewed financial inclusion indicators, the availability and spread of banking and financial services, and the impact of developing payment system infrastructure on different sectors and social groups. It reaffirmed the importance of expanding banking culture and financial awareness across all sectors.
The Iraqi Payments Council aims to coordinate national payments and e-payment policies between regulators, implementing authorities, and public and private sector institutions, including the financial and banking sector.
(Source: Central Bank of Iraq)
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