Iraqi Government Launches Project to Boost Financial Inclusion and Combat Financial Crime

Baghdad, IRAQ - A New Era of Financial Inclusion Begins

The Iraqi government has launched a groundbreaking project aimed at increasing access to financial services for vulnerable populations and small businesses in the country. Backed by international development partners, this initiative seeks to promote financial inclusion and prevent financial crime.

Key Statistics

• Less than 20 per cent of adults in Iraq hold a bank account with a formal financial institution.
• This lack of access has hindered economic growth and social well-being in the country.

The Project’s Objectives

The Central Bank of Iraq (CBI) is implementing this project, which aims to enhance financial inclusion for businesses and vulnerable populations through various initiatives, including:

• Advising and empowering financial service providers to develop and market inclusive and innovative financial services.
• Offering training programmes on financial literacy.
• Improving framework conditions for women-led businesses.

A Commitment to Financial Inclusion

“We are committed to creating an environment that promotes financial inclusion and stability in Iraq,” said a CBI spokesperson. “This project is a critical step towards achieving our goals.”

Preventing Financial Crime

The project also aims to prevent financial crime by:

• Enhancing the regulatory framework.
• Increasing awareness about the risks associated with illicit financial activities.

A Challenging Task Ahead

Iraqi authorities have long struggled to combat financial crime, including money laundering and terrorism financing. The country’s banking sector has been plagued by corruption and poor governance, making it difficult for legitimate businesses to access financial services.

A Bright Future Ahead

The new project is expected to improve the lives of millions of Iraqis by increasing access to financial services, promoting economic growth, and preventing financial crime.

“This project is a game-changer for Iraq,” said a senior government official. “We are confident that it will help us build a more stable and prosperous economy.”