License Requirements for Electronic Payment Service Providers (EPSPs)
Electronic Payment Service Providers (EPSPs) must obtain a license from the Central Bank of Iraq before launching operations. The licensing framework ensures that providers possess sufficient capital, governance, risk controls, and technical infrastructure to support digital payment services securely and reliably.
This requirement applies to both local investors and foreign technology or fintech companies seeking entry into the Iraqi payment market.
License stages
- Initial application submission
- Evaluation of business model and ownership structure
- Review of technical systems and IT controls
- Capital and financial capacity assessment
- Issuance of preliminary approval
- Final authorization and commercial launch
Documentation required from applicants:
- Corporate registration documents
- Shareholder disclosures and ownership chart
- Capital and source-of-funds proofs
- Technical architecture and IT infrastructure documents
- AML/CFT compliance policies
- Business and operational plans
- Disaster recovery and cybersecurity plans
CBI license
- Meet minimum capital requirements
- Disclose ownership and controlling interests
- Demonstrate technical and cybersecurity capability
- Establish AML/KYC and compliance frameworks
- Maintain fit & proper management and Board oversight
- Undergo supervisory inspection before launch
How Etihad Can Assist
Etihad provides legal and regulatory advisory services to banks, financial institutions, and businesses, supporting compliance with applicable laws, regulations, and regulatory guidance issued by any competent authorities.