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Government Advisor: Number of Bank Accounts in Iraq Increases to More Than 14 Million

 

11/30/2024

 

 

Baghdad - WAA - Nassar Al-Hajj,

Advisor to the Prime Minister for Financial and Economic Affairs, Mazhar Muhammad Salih, confirmed today, Saturday, that financial inclusion in Iraq, represented by bank accounts, has risen to 14 million, with 20 million users, while indicating that Iraq is witnessing a boom in adopting e-governance as a basis for integrity and financial efficiency.
 

Saleh told the Iraqi News Agency (INA): "The pillar of financial inclusion is represented by the number of personal bank accounts, as inclusion aims to enable individuals and companies to access financial services appropriate to their needs in an easy and reasonable manner, while ensuring legal protection and transparency."

He added, "Financial inclusion focuses on enhancing the financial integration of economically and socially marginalized groups, such as the poor, women, and youth, as well as small and medium-sized enterprises that lack adequate access to financing in the banking system by opening a bank account."

He pointed out that "national indicators confirm that financial inclusion in Iraq has increased from 20% to 48% at present compared to previous years," explaining that "the reason is due to two main factors, which are the localization of salaries of employees, workers, retirees and social care, and the other is the spread of digital payments or digital financial inclusion. "

Saleh stressed that "Iraq is witnessing a boom within the government program policy that considers e-governance as the basis for integrity, transparency, financial and economic efficiency, and optimal investment of resources and time," noting that "the latest statistics indicate that the number of bank accounts is about 14 million bank accounts and more than 20 million payment card users, which means an increase in the financial inclusion rate from 20% to 48%, which is a rate measured by the number of bank accounts opened for adults in the population."
He continued, "There are a number of open bank accounts that are dormant or zero, which should be excluded to reach the correct number of open bank accounts. There are open and zero accounts belonging to expatriates, deceased people, bankrupt companies, companies that have left work, and individuals who have not dealt with their bank accounts opened in banks that are under guardianship or are in trouble, and other factors and hopes are many."
He continued, "The real criterion for adopting the bank account as a criterion for financial inclusion is the bank accounts opened for active individuals, not the zero or inactive ones, which requires excluding them from the statistics of banks and the Iraqi banking system in general."

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