Baghdad – The World Bank has commended Iraq for its swift progress in electronic payments and financial inclusion, according to Saleh Mahoud, Prime Minister’s Advisor for Banking Affairs. Officials highlighted the sharp increase in bank cards and electronic payment devices as signs of the country’s transformation.
Electronic transactions in Iraq crossed two trillion dinars ($1.52 billion) in August 2024, while the number of debit and credit cards surged to 20 million, covering nearly half the population. Many Iraqis now hold multiple cards, reflecting widespread adoption.
Central Bank of Iraq (CBI) Governor Ali Al-Alaq confirmed that financial inclusion has risen to over 40%, up from 20% just three years ago, thanks to reforms promoting mobile e-wallets for payments and transfers. He also noted that more than 4,000 ATMs and 17 million bank cards are currently active.
Crucially, Iraq’s e-payment network has been connected to international systems, enabling Iraqi-issued cards to be used abroad and allowing foreign-issued cards to be accepted locally. The CBI views digitized banking services as central to its digital transformation strategy, with electronic payments as a key driver of efficiency, accessibility, and global integration.
