The Central Bank of Iraq (CBI) has issued an official circular addressed to all licensed banks and non-bank financial institutions, concerning the Electronic Payment Services Regulation for Funds.

The circular refers to the Electronic Payment Services Regulation No. (2) of 2024, which was issued pursuant to a Council of Ministers decision and published in the Official Gazette. The regulation establishes the current legal framework governing electronic payment services in Iraq.

Key Regulatory Clarifications

• Confirmation of the issuance of the Electronic Payment Services Regulation No. (2) of 2024
• Cancellation of the previous Electronic Payment Services Regulation No. (3) of 2014
• Instruction to apply and operate in accordance with the new regulation
• Emphasis on compliance by banks and non-bank financial institutions

The circular confirms that the 2024 regulation is the governing framework, and all entities operating in the electronic payment sector must align their activities accordingly.

This clarification reinforces the CBI’s role in:

• Regulating electronic and digital payment services
• Ensuring legal certainty and regulatory consistency
• Supporting the development of the electronic payment ecosystem
• Enhancing oversight of financial and payment institutions

All concerned entities are expected to review their operations, policies, and procedures to ensure alignment with the applicable regulation.