Announcing the mechanism for granting license applications for electronic payment companies
Announcing the mechanism for granting license applications for electronic payment companies
02-18-2024
Today, Sunday, the Central Bank of Iraq announced the mechanism for granting a license to electronic payment companies, confirming the continued acceptance of license applications.
The Central Bank specified that the applicant must have at least three years of experience in the field of electronic payment and the payments industry, and this includes the founders and participants, indicating that “the application includes a detailed explanation of the added value to the electronic payment sector in Iraq that will be provided by the company to be licensed, especially in the field of collection technologies.” Modern and enriching the Iraqi market with distinguished and applicable service.
The bank indicated the necessity of submitting a request for a detailed technical feasibility study of what the company to be licensed will provide, pointing out that the request includes the minimum standards for accepting applications for obtaining a license to operate as an electronic payment service provider, in addition to what is stated in the electronic payment services system. The bank confirmed that applications that do not meet the aforementioned licensing conditions will be rejected.
burathanews.com
