By John Lee. Qi, a leading player in Iraq's fintech sector, has reportedly unveiled its third-generation app, SuperQi, in collaboration with China's Ant International. According to a report in Gulf Business, SuperQi offers a comprehensive suite of services that include scan-to-pay, money transfers, bill payments, loans, mobile recharge and other payment solutions, enabled by by […]
From the United Nations Development Programme (UNDP): The Turning Point: Iraq's Leap into the Digital Economy In a world increasingly defined by digital finance, Iraq has taken a transformative step with the Digital Payment Regulation No.2 of 2024. This landmark policy marks more than just regulatory progress; it signifies a realignment of Iraq's financial infrastructure with […]
By John Lee. Iraqi Prime Minister Mohammed Shia Al-Sudani has directed new measures to develop electronic payment systems. The initiative includes expanding salary payments to private sector employees through digital channels, similar to government payroll, with the Ministry of Labor and the Central Bank of Iraq (CBI) collaborating on the framework. Additionally, all ministries and […]
By John Lee. The Kurdistan Regional Government (KRG) has announced that the Iraqi Islamic Bank (IIB) has formally joined the 'My Account' financial inclusion initiative, alongside BBAC, Cihan, NBI and RT. In a statement on Tuesday, the KRG said it expects other major banks to join by the end of the month. It continues: "To […]
By John Lee. The Central Bank of Iraq (CBI) has reported an increase in foreign reserves to 148 trillion dinars [$113 billion] and deposits in the banking sector to 131 trillion dinars [$100 billion], which it says indicates a positive trend in monetary stability and financial growth. According to the state-run Iraqi News Agency (INA), […]
By John Lee. Iraqi Prime Minister Mohammed Shiaa Al-Sudani received Mr. Andrew Torre, the Regional President of Visa for Central and Eastern Europe, the Middle East, and Africa, along with his accompanying delegation on Thursday. The Prime Minister emphasized that economic and banking reform is among the government's top priorities, welcoming cooperation in this field. […]
By John Lee. The Central Bank of Iraq (CBI) has decided to establish the "National Company for Electronic Payment Systems in Iraq," marking a qualitative development in the country's financial infrastructure. The new company will be responsible for efficiently developing, operating, and managing national electronic payment and settlement systems, introducing new elements to enhance the […]
By John Lee. The Iraqi Ministry of Oil and its subsidiary, the Oil Products Distribution Company, have decided to implement electronic payment systems at all fuel stations starting January 1, 2024. The Ministry says it will also suspend cash handling from this date, adding that this move aligns with government guidelines to enhance efficiency, automate […]
By John Lee. Iraqi Prime Minister, Mohammed Shia al-Sudani, led a meeting on Tuesday to monitor the progress of banking reforms. The session, attended by the Finance Minister, Governor of the Central Bank of Iraq (CBI), and directors of government banks, focused on administrative and banking reforms initiated by the government as part of comprehensive […]
By John Lee. Iraq's Prime Minister, Mr. Mohamed Shiaa Al-Sudani, led a meeting on Sunday to discuss the completion of the Unified Treasury Account and monitor the electronic payment system, including electronic card payments (POS). The meeting included the Finance Minister, Central Bank Governor, the head of the Federal Financial Control Bureau, advisors, and directors […]
By John Lee. Prime Minister Mohammed Shiaa Al-Sudani has led a meeting to discuss and monitor progress on the implementation of the Unified Treasury Account. The meeting also focused on the continued rollout of electronic payment points (POS) and explored potential incentives for citizens to encourage electronic payments. During the meeting, comprehensive updates were presented […]
By John Lee. Iraq's first digital bank, First Iraqi Bank, has announced the launch of Visa Direct for the first time in the Iraqi market, in partnership with Visa. According to a press release, Visa Direct is a real-time point-to-point payment service that will enable Iraqi consumers to enjoy real time transfers for the first […]
