Iraqi Advisor to PM: Iraq witnessing economic transformation with “major leap” in electronic payments

Shafaq News / On Saturday, Iraq’s Financial and Economic Advisor to the Prime Minister, Mudher Mohammad Saleh, noted that Iraq is experiencing “a significant leap” in promoting the use of electronic payment cards.

Speaking on behalf of Al-Sudani at the Electronic Payment Conference on Financial Stability in Iraq, Saleh highlighted that Iraq is advancing in official projects within the information era, emphasizing that “economic and financial policies are crucial for shaping the financial inclusion program.”

"The substantial increase in electronic systems represents a shift from a cash-based economy to widespread use of electronic payment cards, covering everything from government revenue collection to everyday shopping payments."

He also noted that the government's digital policies, launched a year ago, are key to the government program’s electronic governance efforts to protect public funds from corruption. “This governance aims at improving payment system efficiency by transitioning from cash to digital payments, thereby enhancing electronic revenue collection.”

Earlier today, during the same event, Central Bank of Iraq (CBI) Governor Ali Al-Allaq predicted a significant rise in the number of digital banks in the country. “Iraq is set to become a leader in digital banking, with a greater number of digital banks compared to its neighbors,” he stated.