By Sharareh Abdi. Iraq Is Digitising Payments. What Should Come After the Payment? Iraq's payments market is changing faster than its traditional image as a cash-dominated economy might suggest. According to the Central Bank of Iraq, domestic card-based financial transfers reached more than 58 million transactions in 2024, up 213.6% from the previous year. Their total […]
By John Lee. The Central Bank of Iraq (CBI) and the Communications and Media Commission (CMC) have held talks on regulating digital payment services and developing the legislative framework for Iraq's digital economy. According to the CBI, Governor Nizar Nasser Hussein met the Commission's executive head, Balig Abu Kallal, to discuss a range of issues, […]
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 […]
By Valentina Pasquali, for Arabian Gulf Business Insight (AGBI). Any opinions expressed here are those of the author(s) and do not necessarily reflect the views of Iraq Business News. ZainCash CEO: Iraq is 5 years behind in digital payments A burgeoning youth market is driving adoption of digital payments in Iraq, but deep-rooted reliance on […]
By Hayder Aziz. Any opinions expressed are those of the author(s), and do not necessarily reflect the views of Iraq Business News. Cylinder Seal: A Sovereign Digital Currency Engine for Iraq's Non-Oil Economy Abstract Iraq's economy faces a deeply interconnected set of problems: a vast informal workforce invisible to the financial system, a crushing 14:1 […]
By John Lee. The Central Bank of Iraq (CBI) reported that retail electronic payments using local cards increased in the third quarter of 2025 to 2,984,232 million Iraqi dinars (approximately $2.28 billion), up from 2,111,296 million Iraqi dinars (approximately $1.61 billion) in the same period of 2024. The bank noted that this growth supports financial […]
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 […]
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 […]
By John Lee. The Central Bank of Iraq (CBI) has announced the launch of inter-wallet money transfer services, enabling individuals and businesses to conduct financial transactions with greater speed and flexibility. The new services include: Inter-wallet transfers between verified permanent wallets across different service providers. Inter-wallet transfers from verified permanent wallets to merchant wallets across […]
By John Lee. The Trade Bank of Iraq (TBI) has been awarded the "STP Excellence in Payments and Transfers" award from JP Morgan, recognizing the bank's commitment to efficient and sustainable direct payment practices. According to a statement from TBI, the award highlights its high efficiency in processing financial transactions, particularly in direct financial transfers […]
By John Lee. Prime Minister Mohammed S. Al-Sudani has launched the operations of the Permanent Council for the Development of the Private Sector in Iraq. The initiative aims to strengthen the role of the private sector in the national economy and address key legislative and institutional barriers. Prime Minister Al-Sudani highlighted the Council's responsibility to […]
By John Lee. Prime Minister Mohammed Shia' Al-Sudani addressed the Conference on Reforming the Iraqi Banking Sector on Monday, outlining an ambitious agenda to modernise Iraq's financial infrastructure and promote sustainable economic development. Key initiatives and achievements highlighted in the Prime Minister's address include: Implementation of a three-year national budget, enabling long-term planning and strategic […]
