Iraq Establishes National Company For Electronic Payment Systems

2023-12-14 07:00:38

(MENAFN- Iraq Business News) By John Lee.

The Central Bank of Iraq (CBI) has decided to establish the " National Company for Electronic Payment Systems in Iraq ," marking a qualitative development in the country's financial infrastructure.

The new company will be responsible for efficiently developing, operating, and managing national electronic payment and settlement systems, introducing new elements to enhance the electronic payment environment.

The role of the Central Bank will focus on regulating and supervising these systems. The implementation, legal framework, and operational aspects of the company will be initiated collaboratively with all stakeholders, following the existing banking laws and legislative frameworks.

This move aligns with the rapid growth in electronic financial services and products, coupled with the increasing number of users, in line with the government program to support and adopt advanced electronic payment systems.

(Source: CBI)

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