Iraq's Financial Evolution: Central Bank Spearheads Electronic Payment Initiatives

Wadee Al-Handal, Chairman of Al Handal International Group and President of the Iraqi Private Banks League, recently attended the "Enhancing Government Electronic Collection" workshop, graciously patronized by the Prime Minister’s Office and sponsored by the Central Bank of Iraq.

The workshop convened an illustrious array of key figures, including His Excellency the Governor of the Central Bank, Mr. Ali Al-Alaq, the Director General of the Information Technology and Payments Department at the Central Bank, Mr. Adnan Asaad, and the Chairman of the Committee Parliamentary Investment, Hassan Qasim Al-Khafaji. With over 650 participants, including officials from ministries, government institutions, and finance and collection departments, the event exemplified a concerted effort towards advancing Iraq’s financial landscape.

Governor Al-Alaq emphasized the pivotal role of electronic collection in propelling the financial sector forward, highlighting its capacity to fortify government resources through transparent and secure systems. Mr. Asaad's insightful report revealed a remarkable surge in the adoption of #electronicpayment tools, with 558 government agencies embracing them. This adoption led to the issuance of over 18.5 million cards and the collection of 418.3 billion dinars in 2023 alone, a testament to the rapid digital transformation unfolding within Iraq's financial infrastructure.