Wadee Al Handal Attended E-Payment Conference for Financial Stability in Iraq: Major Steps Toward a Digital Future

Iraq, 14 September 2024 – Wadee Al Handal, Chairman of Al Handal International Group and President of the Iraqi Private Banks League (IPBL), participated in the E-Payment Conference for Financial Stability in Iraq. The event, organized by the Prime Minister’s Office in collaboration with the Central Bank of Iraq and the Iraqi Private Banks League, focused on the vital role of digital transformation in advancing financial inclusion and fostering economic growth.

The conference gathered prominent leaders and experts to explore innovative solutions for improving digital financial transactions in Iraq.

Mazhar Mohammed Saleh, Financial and Economic Advisor to the Iraqi Prime Minister, stressed the significance of electronic payments in stabilizing Iraq’s economy. He pointed to the government’s focus on transparency and governance, key drivers behind the transition from cash to digital payments, as a strategy to combat corruption and bolster economic security.

Ali Mohsen Al-Alaq, Governor of the Central Bank of Iraq, praised the country’s rapid advancements in digital transformation, noting that millions of Iraqis now use bank and electronic cards. Government institutions, under the Prime Minister's direct oversight, have led the implementation of these systems.

Wadee Al Handal reported an impressive 48.5% increase in financial inclusion across Iraq this year, with a goal to achieve 60% soon. He emphasized the importance of infrastructure development, training, and integrating financial literacy into educational programs to sustain this progress.

During the conference, Ali Tariq, Director of the Iraqi Private Banks League, revealed that e-payment transactions in Iraq surpassed two trillion Iraqi dinars (around $1.52 billion) in August, with further growth expected in the coming months. He also noted that 50% of Iraqis now hold electronic payment cards, with 20 million credit and debit cards issued. Additionally, global fintech investments reached $115 billion in 2023, with projections estimating growth to $325 billion by 2026.

Fahad Al-Turki, Director of the Arab Monetary Fund, emphasized the importance of balancing digital transformation with risk management, particularly in automating services like customs payments.

The conference concluded with an optimistic outlook on the future of digital banking in Iraq, highlighting the potential for international cooperation, the creation of digital banks, and continued government support for ensuring financial stability and inclusion across the nation.