Permitted Activities & Scope of EPSP License
The EPSP license defines the activities that an electronic payment provider may legally undertake in Iraq. These activities typically cover payment initiation, merchant acquiring, card/mobile wallet operations, settlement, and related financial services. Operating outside the permitted scope can lead to supervisory action, making clarity of scope essential for business planning.
The scope also affects technical requirements, capital adequacy, and AML/CFT obligations depending on the nature of services.
Common activities permitted under EPSP license:
- Mobile wallet issuance and management
- Merchant acquiring and POS operations
- Payment gateway services
- Electronic bill payments
- Digital wage disbursement and salary cards
- Stored value and prepaid card activities
- Clearing and settlement participation (where allowed)
Activities that require additional approvals
- Cross-border remittance services
- FX-linked digital operations
- Credit or lending-based digital products
- Digital banking functions
CBI compliance
- Operate strictly within licensed scope
- Disclose any new activities for prior approval
- Maintain operational and cybersecurity standards
- Conduct AML/KYC and sanctions compliance
- Report transactional and financial performance periodically
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.