Iraq is making major strides in modernizing its financial sector, now ranking third in the Arab world for the number of issued bank cards — a strong sign of rising public and global trust, according to the Prime Minister’s Financial Advisor, Mazhar Mohammed Salih.
Speaking on May 31, 2025, Salih announced that Iraq is on track to fully implement electronic payment and collection (e-collection) systems by mid-2025. This move is expected to enhance transparency, encourage professionalism, and strengthen international confidence in the country’s financial system.
He emphasized that digitization will promote non-cash transactions, broaden financial inclusion, and attract future fintech investments by integrating more Iraqis into formal banking channels.
UN Representative Mohammed Al-Hassan echoed this optimism, stating that Iraq is well-positioned to emerge as a “domestic and international banking power,” with ongoing UN support to rebuild trust in its financial institutions.
These reforms fall under Iraq’s broader national digital transformation and sustainable development strategy, designed to build a resilient digital economy, fight poverty, and drive comprehensive economic modernization.
Source: IraqiNews.com
