As Iraq’s digital economy grows rapidly—with over 10 million pre-paid cards and 20 trillion IQD in electronic transactions in 2024—the Central Bank of Iraq (CBI) has issued Electronic Payment Services Regulation No. (2) for 2024, replacing a 10-year-old law. This aims to support the country’s growing fintech sector.
The ALSAIF Law Firm (with 46+ years of experience) analyzed the law, which supports Iraq’s National Financial Inclusion Strategy, launched in May 2025 in cooperation with the World Bank Group, Arab Monetary Fund, and GIZ.
The new law defines roles in Iraq’s digital payment system:
Operators: Manage payment system infrastructure.
Participants: Licensed financial institutions using the system.
EPSPs (Electronic Payment Service Providers): Fintech and e-payment platforms offering services.
Agents: Represent EPSPs.
EPSPs are now officially allowed to:
Issue debit/credit cards
Manage digital wallets and mobile payments
Handle electronic fund transfers
Act as payment aggregators
The regulation sets a clear licensing process for companies entering Iraq’s fintech market. Requirements include:
Incorporation documents
Founder details
Proof of financial solvency
Minimum capital of 10 billion IQD
A 3-year feasibility study covering: financials, infrastructure, cybersecurity, AML policies, and dispute resolution.
CBI reviews applications in 90 business days, granting preliminary licenses while companies finish operational steps.
With a population over 45 million and MENA’s highest projected GDP growth in 2026 (4.4%), ALSAIF concludes this regulation lays the foundation for Iraq’s modern, inclusive, and investment-ready digital economy.
There's some specific things are taking place and they're transpiring. We got the salaries, oil...Fed wire system coming up in the next couple days...the court case on the same day...
Remember they extended Fed Wire ISO 20022 out from February/March range to July 14th...I find that convergence fascinating...For all those out there that think that they've heard this before, I smile and wave and shake my head.
The citizens have a national card for internal use in dinar. That's just like us in the United States.
When you go buy a candy bar you buy some M&M's what do you spend? You spend dollars....
These cards they use are reducing the note count which IMV...is something that will benefit in a time of a redenomination or a revaluation.
I think in this particular case we're going to see something to the effect of drop the three zeros and then they will apply a real effective exchange rate.
FRANK26: "SUDANI TAKES FULL CONTROL OF IRAQ'S OIL!!!".........F26
Shafaq News publishes the text of the Baghdad and Erbil agreement papers on revenues and salaries.
7/8/2025
- Baghdad
Shafaq News Agency publishes the text of the two agreement papers between the governments of Baghdad and Erbil, which were discussed by the Iraqi Council of Ministers during its session held today, Tuesday.
The agreement is part of efforts to resolve outstanding financial issues between the two parties, particularly those related to revenues and expenditures under the federal budget law.
A delegation from the Kurdistan Regional Government arrived in Baghdad on Monday for the second time in two weeks, carrying the region's response to the proposals recently presented by the federal government. This is a prelude to direct negotiations on the proposals, amid expectations that a vote on the final version of the agreement will be held during the cabinet session.
According to a Shafaq News Agency correspondent, the two papers include details regarding the region's transfer of its oil and non-oil revenues, as well as the organization and localization of its employees' salaries, in compliance with Federal Court rulings and the General Budget Law.
Earlier today, the Prime Minister's media office announced that Mohammed Shia al-Sudani had directed the formation of a committee headed by the Deputy Prime Minister and Minister of Planning, and including the Ministers of Construction and Housing, Higher Education, Justice, and Health, to discuss the two papers with relevant authorities in both governments.
The committee is scheduled to submit its recommendations to the Cabinet for an appropriate decision as soon as possible.
We will open Chat again just a few hours so everyone can check in. There are no intel updates at this time. Everything continues to progress as expected. Most sources remain silent — and that’s by design.
We stand with the collective in honoring the request for silence. Those at the top are working tirelessly to bring this to fruition for all of us. Let’s do our part now: stop talking, keep praying, and hold space for these beautiful blessings to arrive in abundance.
Stay alert.
Stay ready.
Stay quiet… and just listen — the sound of something beautiful 🎶 is about to begin.
Looking forward to making DREAMZ come true — together.
The book "Monetary Policy in Iraq, Monetary Stability Methodology, and Digital Transformation 2023-2025" by Iraqi economic and banking advisor Samir Al-Nusairi was recently published by the Balit Center for Printing and Publishing in Baghdad. Copies of the book were deposited at the National Library and Archives in Baghdad for the year 2025.
This is the author's thirteenth book during his twenty-year career in executive banking and as a consultant to the boards of directors of Iraqi private banks. This is preceded by an accumulated economic background and experience of thirty years in governmental economic institutions and important participations in local, Arab and international conferences, during which he won dozens of awards and certificates of appreciation and honor. He also published more than 700 specialized articles on economic and banking reform in Iraqi, Arab and international magazines and newspapers, and gave many lectures to Iraqi university students and participated in their annual scientific conferences.
In all his published books, the author has been keen to document and archive the journey of challenges, achievements, policies, procedures and applications of monetary policy of the Central Bank of Iraq, especially for the period (2003-2025). Dr. Governor of the Central Bank, Ali Mohsen Al-Alaq, reviewed the contents of the book and expressed his thanks and appreciation to Al-Nusairi, wishing him success and urging him to give more in serving the Iraqi economy and banking sector. Professor Dr. Khalil Muhammad Hassan Al-Shamaa also evaluated and valued Al-Nusairi's scientific efforts and gave a detailed presentation of the chapters and topics of the book, including its narratives, proposals and solutions to the challenges and obstacles to achieving monetary and financial stability, as well as the achievements of the Central Bank, with government cooperation and support, in the transition from a cash economy to a digital economy during the years (2023-2025). The evaluation praised the book's inclusion of the most important strategies and policies adopted by the Central Bank of Iraq, as it represents a precise scientific journey by Al-Nusairi that focused on economic and monetary developments in Iraq.
The new book includes five chapters and thirty-three sections. All of these chapters emphasize that economic reform begins with banking reform.
In the first chapter, he was able to conduct a precise and comprehensive analysis of the opportunities, challenges, and steps taken by the Central Bank of Iraq to pursue monetary stability, while reviewing the foundations of monetary policy for the years (2023-2024), so that he can complete the banking reform process in 2025 in the new book.
The second chapter comprehensively covered electronic payments, linking digital transformation with the development of electronic payment programs, along with activation projects. It intelligently explored the relationship between current and future payment system development projects, and provided an assessment of the relationship between this effort and information assessment, cybersecurity, and artificial intelligence.
In the third chapter, he focused his efforts on the Central Bank of Iraq's third strategy, defining the strategy's objectives and reform methodology, and addressing key issues such as regulating foreign trade financing, lending strategy, foreign reserve management and hedging policies, improving investment, and sources of monetary policy. In this chapter, Al-Nusairi was able to link the many banking areas and activities addressed by the reform plan.
Chapter Four discusses how government support for the banking reform project can be provided, as well as the International Monetary Fund's support for the reform plan, with a focus on international economic relations and the government and Central Bank of Iraq's vision for the comprehensive banking reform process.
In the fifth chapter, he addresses the causes of exchange rate fluctuations and recovery measures, emphasizing the relationship between the exchange rate, the financial and banking reform process, the relationship between the official and parallel dollar exchange rates, government decisions, and strategies for enhancing confidence in the banking sector. Thus, the author was able to expertly compile a synthesis of contemporary topics. At the end of the book's presentation, we wish Counselor Samir Al-Nassiri continued success in this successful academic journey.