In numbers…a major development in the use of electronic payment in Iraq

In numbers…a major development in the use of electronic payment in Iraq

2023-09-26 01:54

In numbers...a major development in the use of electronic payment in IraqShafaq News/ The Iraqi Private Banks Association revealed, on Tuesday, a development it described as “major” in the use of electronic payment tools, after government directives implemented in all ministries and institutions since the first of last June.

The Association’s Executive Director, Ali Tariq, said in a statement received by Shafaq News Agency, that electronic payment is witnessing a major transformation, during the current stage, under the supervision of the Central Bank of Iraq, which contributed to providing infrastructure and technical and advisory support to government institutions, indicating that the directives of Prime Minister Muhammad Sudanese Bank contributed to promoting the concept of electronic payment by disseminating it within government institutions, in addition to the intensive advertising campaigns launched by the Central Bank and the Association of Private Banks.

Tariq pointed out that the number of ministries and government institutions that have contracted with electronic payment companies and published points of sale is 337 institutions.

He added that points of sale have grown by 123% since the Cabinet’s decision, and until now, there were 10,718 devices, while now, there are 23,906 points of sale distributed to 19,696 in stores and private institutions, and 4,210 in ministries and government institutions.

He confirmed that the number of financial settlements that took place through points of sale amounted to about 1.56 million transactions, including 1.15 million transactions for the private sector, and 403.7 thousand transactions for government institutions since the decision began until today.

Tariq concluded his speech by saying that electronic payment is the most important step towards reforming the economy, by enhancing the concept of financial inclusion and increasing trust between citizens and the banking sector, which will have a significant impact on increasing deposits and the ability of the banking sector to finance strategic projects. It also contributes to reducing corruption and activating… E-government by completing citizens’ transactions remotely.

At the beginning of last June, the Central Bank of Iraq announced that Council of Ministers Resolution No. (23044) for the year 2023 had entered into force, which was to increase the number of electronic payment devices (POS) in government institutions and the private sector to enhance the culture of electronic payment and collection, and reduce the use of paper money in collections and transactions. Commercial