The MENA Fintech Association (MFTA), a non-profit fostering fintech innovation across the Middle East and Africa, has officially launched its Iraq chapter to boost fintech collaboration, innovation, financial literacy, and regulatory advancement in the country.
Amid Iraq’s ongoing economic diversification and digital transformation, the chapter aims to support the rapid adoption of digital banking, mobile payments, and fintech solutions. Digital transactions in Iraq surged from 2.6 trillion to 7.6 trillion Iraqi Dinars in one year, reflecting growing trust in digital finance.
Led by Iraqi-Canadian entrepreneur Bahaa Abdul Hadi, co-founder of International Smart Card (ISC) and pioneer of Iraq’s biometric payment solution Qi Card, MFTA Iraq will work closely with regulators, financial institutions, and innovators to build a secure, efficient digital payment ecosystem. Abdul Hadi emphasized fintech’s central role in Iraq’s digital future and financial inclusion.
The initiative coincides with new digital payment regulations backed by the Central Bank of Iraq and the UNDP, targeting reduced cash dependency and enhanced financial transparency. These reforms seek to modernize Iraq’s financial infrastructure and align with international best practices.
MFTA Iraq plans to reveal its 2025 roadmap, focusing on regulatory modernization, digital banking infrastructure, and fintech for social good. Nameer Khan, MFTA Chairman, highlighted the chapter’s mission to position Iraq as a regional fintech leader, drive public-private partnerships, and embed fintech into Iraq’s economic growth and regional integration.
