Iraq’s Central Bank to set up e-payment national company

Iraq’s Central Bank has taken a significant stride towards modernizing its financial landscape by approving the establishment of the National Company for Electronic Payment Systems.

The decision, announced on Wednesday, underscores a pivotal moment for the country’s economic infrastructure, according to a statement by the Central Bank and as reported by the state news agency.

The newly sanctioned national entity is poised to become a central figure in the management, operation, and oversight of Iraq’s highly efficient electronic payment and litigation systems. With a mandate to expand the functionality of electronic payment systems, this move positions the country at the forefront of technological advancements in the financial sector.

The Central Bank of Iraq clarified that it will retain the primary responsibility for managing and supervising these systems, ensuring their integrity and adherence to established regulations. The collaborative efforts of relevant stakeholders will be integral to shaping the legal, executive, and operational structure of the National Company for Electronic Payment Systems.

This meticulous approach, in accordance with CBI regulations and legal frameworks, highlights the commitment to establishing a robust foundation for electronic financial services in the country.

This strategic initiative aligns seamlessly with the government’s broader commitment to fostering cutting-edge electronic payment systems. It reflects a proactive stance towards the rapid expansion of electronic financial services and the concurrent growth of their user base.

The establishment of the National Company for Electronic Payment Systems stands as a testament to Iraq’s dedication to staying at the forefront of financial innovation, ensuring a secure and efficient electronic payment ecosystem for its citizens and businesses alike.