Overview of Electronic Payments in Iraq
The electronic payments sector in Iraq has expanded rapidly in recent years, driven by financial inclusion goals, modernization of payment infrastructure, and increased adoption of digital services by government, banks, and private companies. Electronic payment platforms facilitate cashless transactions, merchant payments, wage disbursement, and consumer-to-business operations, reducing dependence on physical cash.
Electronic payments are regulated by the Central Bank of Iraq (CBI), which supervises licensing, technical standards, consumer protection, interoperability, and AML/CFT controls across the ecosystem.
Key components of the digital payment ecosystem
- Electronic Payment Service Providers (EPSPs)
- Mobile wallets and stored value accounts
- Merchant payment acceptance systems
- Card payment networks and terminals (POS)
- Digital government services and bill payments
- Clearing and settlement infrastructure
CBI regulatory focus areas:
- Licensing and authorization
- AML/CFT compliance
- Consumer protection standards
- Technical stability and cybersecurity
- Interoperability with banks and settlement systems
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.