Iraq leads region in e-payment infrastructure, World Bank confirms

The World Bank verified that Iraq’s electronic payment systems rank among the top in the region. The confirmation came following a meeting between the Governor of the Central Bank of Iraq (CBI), Ali Mohsen Al-Alaq, and a delegation from the World Bank, led by Richard Abdulnour, the Director of the World Bank’s office in Iraq.

During the meeting, which was disclosed through a statement by the CBI, discussions revolved around strategies aimed at strengthening cooperation between the CBI and the World Bank. Key topics included e-payment initiatives, financial inclusion efforts, and reform programs designed to bolster the stability and advancement of Iraq’s financial sector.

Of particular interest was the proposal for the establishment of a bank dedicated to financing small projects within Iraq, with backing from the International Finance Corporation (IFC). The potential collaboration garnered attention as both parties explored avenues to facilitate economic growth and resilience in the country.

High praise was extended to the CBI for its proactive measures in facilitating financial transfers across various sectors of Iraq’s economy. The World Bank delegation lauded Iraq’s possession of top-tier software and electronic payment infrastructure, emphasizing its significance within the broader regional context.

The acknowledgment from the World Bank underscores Iraq’s strides in harnessing digital financial technologies to foster economic progress. As the nation continues to prioritize innovation and collaboration in its financial landscape, prospects for sustained growth and development appear promising, positioning Iraq as a notable contender in the realm of e-payment infrastructure within the region.