Digitizing the Financial Sector in Iraq: An Ambitious Strategy Towards Financial Inclusion

The Iraqi government and the Central Bank continue to implement the digital transformation strategy in the financial sector by encouraging the use of bank cards and electronic payment in all daily transactions. This step aims to enhance transparency, limit bureaucracy, and protect citizens' funds by providing secure and fast payment channels. Statistics have indicated a significant increase in the number of bank accounts and electronic payment devices distributed in markets and government institutions. Iraqi banks are working on developing smart applications that allow citizens to manage their financial affairs with ease, contributing to integrating the informal economy into the official banking system. This transformation is a fundamental pillar for building a modern economy that relies on knowledge and technology, providing a secure and stable financial environment that supports the growth of small and medium enterprises and strengthens Iraq's position in the evolving global financial system.