The Iraqi Central Bank decides to establish a “national” company for electronic payment systems


The Central Bank of Iraq’s Board of Directors resolved on Wednesday to create the “National Company for Electronic Payment Systems” throughout the nation, saying that the firm represented a qualitative advance in the country’s financial infrastructure framework.

According to a statement obtained by Shafaq News Agency from the Central Bank, “the new company will assume responsibility for developing, operating, and managing the national electronic payment and clearing systems with high efficiency, as well as adding new elements to serve the electronic payment environment.”

The Central Bank of Iraq’s role will revolve around “regulating and supervising these systems,” according to the statement, and implementation will begin and establish the legal, executive, and operational framework for the company with the participation of all interested parties, in accordance with the Bank Law and applicable legislative frameworks.

According to a statement issued by the Iraqi Central Bank, this move corresponds with the fast expansion of electronic financial services and products, as well as an increase in the number of users, in accordance with the framework of the government program to promote and embrace modern electronic payment systems.


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