The Central Bank of Iraq (CBI) has issued a set of regulations aimed at enhancing financial inclusion across the country. In a bid to provide broader access to financial services for all sectors of society, the CBI has mandated that banks establish a dedicated Financial Inclusion Department. This initiative reflects the growing recognition of financial inclusion as a critical factor in promoting economic development and ensuring equitable access to financial services.
The establishment of this department is intended to drive forward a comprehensive strategy for fostering greater participation in the financial system, particularly for underbanked and underserved populations. The regulations detail the administrative framework, duties, and strategies that banks must adopt to facilitate this process, with an emphasis on digital financial services and public awareness.
By implementing these regulations, the CBI seeks to create an inclusive financial environment that supports national economic growth, encourages digital financial innovations, and provides protections for the public. This document outlines the key components of the regulation, guiding banks on how to structure their financial inclusion efforts effectively.
Brief Overview of the Regulations
The regulations issued by the CBI cover a wide array of measures designed to establish a robust framework for financial inclusion in Iraq. These include directives on the administrative setup of the Financial Inclusion Department, the department’s core duties, and the strategic initiatives banks must undertake to advance financial inclusion. Key areas of focus include digital financial inclusion, banking awareness, public protection, and general regulatory standards.
The following sections of the regulation are outlined in the table of contents, which will guide the implementation of financial inclusion strategies and ensure that banks comply with the CBI’s vision for a more inclusive financial system. The detailed breakdown is as follows:
First: Administrative Formation of the Financial Inclusion Department
Second: Duties of the Financial Inclusion Department
Third: Financial Inclusion Strategy and Initiatives
Fourth: Digital Financial Inclusion
Fifth: Banking Awareness and Public Protection
Sixth: General Regulations