Economy News – Baghdad

The Association of Private Banks announced on Saturday a high financial inclusion of electronic payment during the last two years.

“During the last two years, there has been progress in terms of increasing financial inclusion and the use of bank accounts, especially after government decisions regarding increasing the use of electronic payment,” said Ali Tariq, executive director of the Association of Private Banks, in a statement to the official agency and followed by “Economy News.”

He pointed out that “there are many citizens who have bank cards or bank accounts and the start of using electronic payment is clearly and gradually increasing, and all of these are reflected in the financial inclusion rate, which has risen according to the latest Central Bank data to 48%.”

He added: “Our ambition in the next phase is to increase financial services and be directed not only in city centers but also in villages and rural areas so that there are financial services that include the largest possible class of society.”

On Friday, Prime Minister Mohammed Shia Al-Sudani issued several directives to expand financial services in the governorates.

The Prime Minister’s Information Office stated that “within the framework of the efforts to reform the financial and banking system, as one of the priorities of the government program, and given the important steps achieved during the past two years, and in light of the challenges witnessed by the financial and banking system, especially in the governorates, and since confronting them requires greater attention and radical improvements to ensure the strengthening of confidence in the financial and banking sectors, facilitating the process of economic development, increasing financial inclusion and raising its indicators throughout the country. Because most of the events were concentrated in the capital Baghdad, Prime Minister Mohammed Shia Al-Sudani directed a number of steps in this regard:

1. Increasing the number of banking branches in the governorates to meet the needs of the local population, and in a way that contributes to expanding the scope of financial services, while paying attention to buildings, their modernity and providing their basic requirements.

2. All banks in the governorates must adopt modern technologies such as online banking services and mobile applications, making it easier for citizens to access their banking services easily.

3. Emphasizing on banks the importance of developing their financial services commensurate with the needs of individuals and small companies, such as soft loans and savings accounts.

4. Enhancing financial inclusion in the governorates by providing banking services to different categories of society, including districts and areas in villages and rural areas.

5. Launching conferences and awareness campaigns in the governorates, to educate citizens about the importance of dealing with banks and how to manage and invest funds properly.

6. Organizing workshops to train young entrepreneurs and local entrepreneurs on how to deal with loans and financial services.

He added that “the Ministry of Finance, the Central Bank of Iraq, and the associations of Iraqi private and Islamic banks will coordinate with the offices of governors to complete the above tasks according to competence and responsibility, and submit quarterly reports (every three months) to the Prime Minister’s office on the progress of work on the steps mentioned above.”

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Added 2024/11/09 – 10:35 AM

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