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Central Bank Governor: Developing the electronic payment system is a strategic option in building a diversified economy
August 07, 2025
In his speech at the Comprehensive Transformation of Electronic Payments Conference held in Baghdad, His Excellency the Governor of the Central Bank of Iraq,
Mr. Ali Mohsen Al-Alaq, emphasized that the bank has worked to develop electronic payment systems in an integrated and secure manner, including payment and settlement in accordance with the highest international standards and practices. He explained that these systems have contributed to enhancing the efficiency and reliability of financial operations and supported the implementation of strategic initiatives in partnership with the government to localize salaries, electronic fortification, and development financing programs.
His Excellency the Governor explained that digital transformation has become a strategic option in building a modern state, a diversified economy, and transparent government services. International experiences have proven that digitization is not a luxury, but rather a key driver of sustainable development, improving the work environment, empowering youth, and developing vital sectors.
His Excellency the Governor emphasized that Iraq faces a historic opportunity to embark on a clear vision towards an economy capable of facing challenges, combating corruption, and creating an attractive investment environment. These systems have contributed to enhancing the efficiency and reliability of financial operations and supported the implementation of strategic initiatives in partnership with the government to localize salaries, electronic fortification, and development financing programs.
The Governor indicated that the Central Bank is working, as part of its plan, to consolidate the electronic payment infrastructure by implementing several national projects, such as the instant payments system, which allows for 24/7 financial transfers and provides a smoother user experience; the unified payment gateway for government entities, which facilitates payment procedures, reduces manipulation, and increases trust; and
the national card scheme, which builds an independent national system that preserves digital sovereignty, reduces reliance on external systems, and opens the door to products that suit the local market.
* Fourth - Developing the national switchboard to support the significant increase in transaction volume and ensure the speed and stability of operations within a secure environment, in addition to establishing partnerships with regional and international institutions and deepening cooperation with global payment networks to benefit from their advanced tools.
His Excellency added that an in-depth study is underway to regulate dealing in crypto-assets, taking into account challenges, risks, and opportunities, ensuring financial stability requirements, and strengthening fraud systems and combating money laundering and terrorist financing.
His Excellency the Governor explained that digital transformation has become a strategic option in building a modern state, a diversified economy, and transparent government services. International experiences have proven that digitization is not a luxury, but rather a key driver of sustainable development, improving the work environment, empowering youth, and developing vital sectors.
His Excellency the Governor emphasized that Iraq faces a historic opportunity to embark on a clear vision towards an economy capable of facing challenges, combating corruption, and creating an attractive investment environment. These systems have contributed to enhancing the efficiency and reliability of financial operations and supported the implementation of strategic initiatives in partnership with the government to localize salaries, electronic fortification, and development financing programs.
The Governor indicated that the Central Bank is working, as part of its plan, to consolidate the electronic payment infrastructure by implementing several national projects, such as the instant payments system, which allows for 24/7 financial transfers and provides a smoother user experience; the unified payment gateway for government entities, which facilitates payment procedures, reduces manipulation, and increases trust; and
the national card scheme, which builds an independent national system that preserves digital sovereignty, reduces reliance on external systems, and opens the door to products that suit the local market.
* Fourth - Developing the national switchboard to support the significant increase in transaction volume and ensure the speed and stability of operations within a secure environment, in addition to establishing partnerships with regional and international institutions and deepening cooperation with global payment networks to benefit from their advanced tools.
His Excellency added that an in-depth study is underway to regulate dealing in crypto-assets, taking into account challenges, risks, and opportunities, ensuring financial stability requirements, and strengthening fraud systems and combating money laundering and terrorist financing.
The Governor called on the media and educational institutions to launch awareness programs that highlight the advantages of electronic payments and the risks of dealing outside the official framework, in order to build an integrated system characterized by efficiency and transparency, placing Iraq among the ranks of developed countries. He pointed out that the success of this transformation is not achieved through infrastructure alone, but rather requires a real partnership between various relevant parties, including government agencies, the banking sector, technology companies, and civil society organizations. He also noted that raising community awareness of electronic payments and overcoming fears constitutes an essential element in building trust among the beneficiary parties.