New Electronic Banking Service launched in Iraq
By John Lee.
The Central Bank of Iraq (CBI) has announced the launch of its “digital enrollment service”, which it says is the first of its kind in Iraq and the region.
According to a statement from the CBI:
“Digital enrollment is an integrated digital financial system that enhances financial independence and liberation from traditional financial systems, as it works to transform Iraq into a country less dependent on cash, which enables the state to fight corruption, evasion and bureaucracy in financial dealings within banks operating in Iraq.
“This service is considered a modern and different trend due to its many advantages, including conducting financial operations in a modern digital electronic form, which reduces time and geographical distances and raises the traditional barriers in the Iraqi banking sector. ”
Rudaw reports that First Iraqi Bank, established six months ago by Iraqi entrepreneur Kawa Rekani, is the sole bank to get permission to operate such a service, allowing customers to perform financial transactions online or through their mobile device with ease rather than through cash payments.
(Sources: Central Bank of Iraq, Rudaw)