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The Central Bank of Iraq organizes a celebration on the occasion of Financial Inclusion Week
May 02, 2024
The Financial Inclusion Department at the Central Bank of Iraq organized a celebration on the occasion of Financial Inclusion Week in Iraq.
The celebration reviewed the efforts of the Central Bank of Iraq in promoting and achieving the ideal environment for the success of financial inclusion in Iraq, encouraging savings and spreading banking culture.
His Excellency the Governor of the Central Bank, Mr. Ali Mohsen Al-Alaq, confirmed on the sidelines of the celebration that the steps achieved in financial inclusion that were accomplished today are accelerating and can close the gap that occurred during the past years as a result of the circumstances that Iraq went through.
His Excellency stated that the bank has ongoing meetings with the Iraqi government to expand the customer base in electronic payment methods and enhance financial inclusion, as we see a great response from various state institutions in the context of expanding the financial and banking culture in Iraq.
His Excellency believed that the factors that lead to the success and expansion of the role of financial inclusion are the citizen’s confidence in the institutions and tools available to him, as well as his vision of his interest in using them.
He continued, that the Central Bank has become at the forefront of global central banks using various financial technologies that provide speed and accuracy, revealing at the same time that the bank has received large preparations to establish digital banks and the relevant departments are working on the possibility of granting them a license to carry out their work in accordance with the controls and instructions issued by the bank.
His Excellency noted the “Riyada” Bank project, which will be an important project as we are in the advanced stages of establishing the bank and will constitute a qualitative leap in supporting and financing small and medium enterprises and providing job opportunities for wide segments of society. It will also have branches throughout Iraq.
It is noteworthy that the Financial Inclusion Department organized many different events in the capital, Baghdad, and other governorates within the Financial Inclusion Week in Iraq, which began on April 27 and continued until May 2 of the current year.
The celebration reviewed the efforts of the Central Bank of Iraq in promoting and achieving the ideal environment for the success of financial inclusion in Iraq, encouraging savings and spreading banking culture.
His Excellency the Governor of the Central Bank, Mr. Ali Mohsen Al-Alaq, confirmed on the sidelines of the celebration that the steps achieved in financial inclusion that were accomplished today are accelerating and can close the gap that occurred during the past years as a result of the circumstances that Iraq went through.
His Excellency stated that the bank has ongoing meetings with the Iraqi government to expand the customer base in electronic payment methods and enhance financial inclusion, as we see a great response from various state institutions in the context of expanding the financial and banking culture in Iraq.
His Excellency believed that the factors that lead to the success and expansion of the role of financial inclusion are the citizen’s confidence in the institutions and tools available to him, as well as his vision of his interest in using them.
He continued, that the Central Bank has become at the forefront of global central banks using various financial technologies that provide speed and accuracy, revealing at the same time that the bank has received large preparations to establish digital banks and the relevant departments are working on the possibility of granting them a license to carry out their work in accordance with the controls and instructions issued by the bank.
His Excellency noted the “Riyada” Bank project, which will be an important project as we are in the advanced stages of establishing the bank and will constitute a qualitative leap in supporting and financing small and medium enterprises and providing job opportunities for wide segments of society. It will also have branches throughout Iraq.
It is noteworthy that the Financial Inclusion Department organized many different events in the capital, Baghdad, and other governorates within the Financial Inclusion Week in Iraq, which began on April 27 and continued until May 2 of the current year.
Central Bank of Iraq
Information Office
2 - May - 2024
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