A secure future for faster and easier financial transfers electronically.. The Central Bank officially launches the “Visa Direct” service, 31 OCT

  A secure future for faster and easier financial transfers electronically.. The Central Bank officially launches the “Visa Direct” service, 31 OCT

Report...Youssef Salman... The Central Bank of Iraq announced the launch of the “Visa Direct” service to facilitate financial transfers, in coordination with the international company “Visa” and cooperation with the First Bank of Iraq, which is the first digital bank in Iraq.

The Visa Direct service is a direct financial transfer service for bank customers in Iraq. It was launched digitally, for the first time, through a special application. Every customer in the First Iraq Bank (FIB) can transfer five million dinars daily, and 13 million dinars monthly. Calculated at the official exchange rate.

Counselor Mazhar Muhammad Salih read the speech of the Prime Minister, Muhammad Shia al-Sudani, on his behalf during the official announcement of the launch of the service in the capital, Baghdad, by saying that “the ministerial program attaches importance to developing digital payment systems in our country.”

He added, "Iraq urgently needs to prepare and prepare all stakeholders in the electronic payment system to ensure full adoption of digital technology," noting that "some show reluctance to use electronic payment technology, in addition to the difficulties faced by technological service providers in displaying stable products." And effective.”

The government advisor stressed, “According to the vision of the government program, there has become a need to make concerted efforts more urgent than ever before. What is necessary is to follow a strategic approach that takes a comprehensive view of the system and sustainable profitability while imagining the appropriate roles for all stakeholders, and this is what we are working on at the present time.” From the Iraqi Payments Council in the Central Bank of Iraq and the electronic payment systems development team in the Prime Minister’s Office.”

In turn, the Governor of the Central Bank, Ali Al-Alaq, stressed that “the shift from a cash economy to a digital economy is considered a major task in a country that has lag behind in keeping pace with developments in the field of financial technologies.”

He added, “The world is undergoing very rapid changes, and the financial and banking sector is keeping pace and following these developments and is trying to invest in them more than the rest of the other sectors,” indicating that “the financial and banking sector is based on speed, accuracy, and costs, and financial purification is what can provide the financial sector with these.” Advantages.

He continued to say, “We are now embarking on a large program and a broad and comprehensive strategy, with direct coordination and support from Prime Minister Mohamed Shiaa Al-Sudani, who accompanies this aspect with us in continuous meetings,” adding that “the Visa Direct tool came at its right time, and we need more tools that facilitate operations.” Transfer, especially simple transfers at the citizen level or transfers that relate to some simple aspects.”

He explained, “This tool facilitates the demand for foreign currencies, and we are trying to expand access to these currencies in easy ways, and this tool will provide that,” stressing that “the issue of foreign transfers, selling the dollar, and the exchange rate are fundamentally linked to employing as many electronic tools as possible.”

She added, "Our presence in Iraq is based on important foundations, which are the Iraqi youth and the government that has the courage to turn the scales and go back to building the digital infrastructure, which will allow the development of the country and the important financial and banking field of the Iraqi economy." She also appreciated the Iraqi government's cooperation and support for the presence of Visa and the expansion of its work in Iraq./End 5    link