Financial Crime World

Here is the article in markdown format with proper headings, subheadings, and bullet points:

Financial Inclusion in Iraq: A Comparison with Arab Countries

Iraq has been struggling to achieve financial inclusion, lagging behind other Arab countries in this aspect. This article highlights some key statistics that demonstrate the country’s poor performance.

Financial Account Ownership

In terms of financial account ownership, Iraq ranks lowest among Arab countries. The numbers are striking:

  • 20%: Only 20% of adults in Iraq have an account with a financial institution.
  • Global Average: The global average is around 30-40%, indicating that Iraq has a significant gap to fill.
  • Comparative Performance:
    • UAE: 87%
    • Bahrain: 83%
    • Kuwait: 80%
    • Saudi Arabia: 72%

Borrowing from Official Financial Institutions

When it comes to borrowing, Iraq’s performance is also disappointing:

  • 3%: Only 3% of adults in Iraq borrow from official financial institutions.
  • Global Average: The global average is around 10-20%, showing that Iraq lags behind its peers.
  • Comparative Performance:
    • UAE: 19%
    • Jordan: 17%
    • Kuwait: 16%

Bill Payments using Official Financial Institution Accounts

Even when it comes to bill payments, Iraq’s performance is one of the lowest in the region:

  • 5%: Only 5% of adults in Iraq pay bills using an official financial institution account.
  • Global Average: The global average is around 10-20%, indicating that Iraq has a long way to go.
  • Comparative Performance:
    • Saudi Arabia: 32%
    • Bahrain: 28%
    • Kuwait: 26%

These statistics paint a dismal picture of financial inclusion in Iraq. With low percentages of adult account ownership, borrowing rates, and bill payments using official financial institution accounts, the country has significant gaps to fill in accessing formal financial services.