Iraq’s Central Bank to set up e-payment national company
The new headquarters of the Central Bank of Iraq in Baghdad. Photo: AFP
Baghdad (IraqiNews.com) – The Central Bank of Iraq (CBI) issued a decision on Wednesday approving setting up what will be called the National Company for Electronic Payment Systems.
The CBI mentioned in a statement that the new company signifies an important milestone in the country’s financial system, according to the state news agency.
The new national company will be in charge of creating, running, and overseeing the country’s highly effective electronic payment and litigation systems, as well as expanding the electronic payment system’s functionality.
The primary responsibility of the CBI will be managing and supervising these systems.
In compliance with the regulations of the CBI and the necessary legal frameworks, all pertinent parties will first participate in the formation of the company’s legal, executive, and operational structure.
The move aligns with the government’s commitment to develop and implement cutting-edge electronic payment systems and the quick expansion of electronic financial services and their user base.