The Association of Banks announces a new project to facilitate financial transfers within Iraq electronically
The Association of Banks announces a new project to facilitate financial transfers within Iraq electronically
2025-02-26
The Iraqi Private Banks Association announced today, Wednesday, a new project to facilitate financial transfers within Iraq electronically, while indicating that efforts are being made to facilitate the transfer of funds through open banking, as the Executive Director of the Iraqi Private Banks Association, Ali Tariq, stated in a statement to the official agency, that “the service of transferring electronic financial accounts between banks or cards is currently not available in Iraq, and therefore the Central Bank is working on developing a special platform based on the open banking system, which will greatly facilitate money transfer operations within the country via mobile phone or websites and allow the possibility of transferring funds from one bank account to another and from one card to another.”
He also added that “electronic payment devices are witnessing continuous development, especially with the presence of the national switchboard in the Central Bank of Iraq, although some cards and payment devices still depend on specific systems.”
Tariq stressed that “there is a great focus on developing electronic payment systems in Iraq,” noting that “the decisions of the Council of Ministers and the Central Bank aim to stimulate the use of electronic payment, and have led to a clear development over the past two years, with expectations of greater growth in the future.”
burathanews.com
