Advisor to the Association of Banks: The International Conference on Payments and Banking Technologies is a platform to support digital transformation in Iraq, 13 SEPT

 Economy News – Baghdad

The Advisor to the Association of Iraqi Private Banks, Samir Al-Nusiri, on Thursday, said that the International Conference on Payments and Banking Technologies, which will be held under the auspices of Engineer Mohammed Shia Al-Sudani, Prime Minister for September 14 and 15, and in joint cooperation between the Prime Minister’s Office, the Central Bank, the Association of Iraqi Private Banks and in the presence of governors of international banks and specialized companies to support and accelerate the transition to digital government and the transition from the monetary economy to the digital economy.

The conference will discuss 16 axes in which it focuses on the role of the government, the Central Bank and the Association of Banks on developing payments inside Iraq, using technology to improve financial inclusion, developing information technology, establishing digital banks, using artificial intelligence in banking services, using modern technologies in loans, compliance, risk management, combating money laundering, terrorist financing and combating bank fraud.

The results of the government role and the efforts exerted by the Central Bank, banks, electronic payment companies and supporting companies that have been achieved since the issuance of the decisions that

It was issued by the Council of Ministers in 2023 to activate, stimulate and support the digital transformation, and the results recorded a qualitative surge in the volume of transactions in electronic payment processes and the use of modern banking technologies.

Al-Nusairi said, in an interview with “Economy News”, that “the Central Bank of Iraq and the Association of Banks are working side by side in the implementation of the government program in the twelfth axis (financial and banking reform) and the direction of the Prime Minister in supporting electronic payment, and that the achieved so far confirms the rapid steps and joint cooperation to move to bridge the technical gap between Iraq and the countries of the world in this field. In 2023, the amounts processed through the national segment witnessed a significant increase, reflecting the development of infrastructure and the expansion of the use of electronic payment channels and the impact of the campaign launched by the Prime Minister to activate electronic payment operations in general, and in the government sector in particular.”

Al-Nusairi added that “these upward trends continued to develop in 2024, as the amounts processed in the national division systems reached more than (2) trillion Iraqi dinars in July alone, compared to (800) billion dinars in the same month of 2023, after which it became (1) trillion dinars in January 2024, and government payments also witnessed an additional rise, reaching (912) billion Iraqi dinars last July compared to (287) million dinars from the same month of 2023.”

He pointed out that “the payment operations at gas stations in Baghdad alone increased significantly, recording more than (44) billion dinars in July this year, compared to (183) million dinars in July of the year 2023 and (4.5) billion dinars in December 2023.”

He stressed: “A significant increase in the number of POS to reach more than (50) thousand points of sale this year compared to nearly (11) thousand pos at the beginning of 2023, and thousands of them in government institutions after it was zero before the launch of the campaign in June 2023.”