An agreement between the Communications Commission and the Central Bank to activate the electronic banking system
The Media and Communications Commission discussed with the Central Bank of Iraq, on Wednesday, a memorandum of understanding on the basis of which the system will develop the electronic bank and provide technical consultations within the projects of the Dom 2025 strategic initiative.
The authority stated in a statement received by Mawazine News, a copy of it, that “the authority, in the presence of the head of the executive branch Ali Nasser Al-Khuwaildi, member of the Board of Trustees Salem Mashkour, technical assistant, directors of the video and audio regulation department, the comprehensive service department and the communications regulation department, discussed with the governor of the Central Bank Ali Al-Alaq and members From the Board of Directors, the Dom 2025 strategic initiative has set among its priorities the development of the financial and banking sector and the contribution to the transition towards digital financial trading, as well as training and development programs for technical cadres with the assistance of the International Telecommunication Union.
Al-Khuwaildi said, “The commission is keen to communicate with all institutions and the central bank, foremost of which is the basic pillar of the state.” Al-Khuwaildi suggested “forming a joint team that takes it upon itself to develop a memorandum of understanding between the authority and the central bank to implement strategic technological programs that could benefit the rest of the sectors, such as agriculture, the economy, health, education, and education.”
For his part, Al-Alaq stressed that “the economic and financial aspect is the most challenging in Iraq, and the electronic banking transformation will contribute to its growth, especially with the presence of 70 private banks and hundreds of exchange companies,” expressing “welcome to the initiative of the commission to hold a memorandum of understanding for joint cooperation in implementing vital programs On the level of Iraq.”
In turn, the Board member of the Board of Trustees, Salem Mashkour, referred to “the importance of the media in disseminating electronic banking awareness and dealing with the media in a transparent manner to establish a solid banking culture in a clear way away from ambiguity”, calling the central bank to “sponsoring media campaigns aimed at spreading economic awareness and the importance of technology in developing”.
The statement pointed out that “the first items of the memorandum of understanding were also discussed, which included developing programs and applications for the banking and financial transfer system and training cadres to manage them, in addition to technological projects to support other sectors and state institutions in general. The agreement also included the establishment of projects in rural and remote areas represented in the delivery Communications services, building schools, hospitals and other service projects.