Regulatory Frameworks for Financial Institutions in Iraq: Enhancing Security and Innovation

Current Landscape

Iraq’s financial sector is undergoing significant transformations, driven by the adoption of technology and innovation. Mobile money companies, digital infrastructure investments, and partnerships between banks and fintech companies are revolutionizing the way people access financial services.

Digital Banking Services in Iraq

• Mobile money companies such as Nasswallet, ZainCash, and FastPay offer fully digital banking services, enabling users to conduct transactions and access financial services through their mobile devices.
• Features like digital merchant payments, government bill payments, salary disbursement, eVoucher purchases, and international money transfers are available.

Investment in Digital Infrastructure

• Traditional banks such as First Iraq Bank and Al-Taeef Bank are investing in their digital infrastructure to provide customers with enhanced digital banking experiences.
• These investments aim to leverage advanced technologies and robust digital infrastructure to deliver comprehensive banking services.

Partnerships between Banks, Payment Service Providers, and Fintech Companies

Notable partnerships include:

• Rafidain and Switch
• Amwal and Ashur
• Areebla and Altaif