Central Bank of Iraq Directs Banks to Establish Financial Inclusion Departments

Central Bank of Iraq Directs Banks to Establish Financial Inclusion Departments The Central Bank of Iraq (CBI) has issued an official circular addressed to all licensed banks, instructing them to establish a dedicated Financial Inclusion Department within their organizational structures. The instruction supports the national financial inclusion strategy, aims to expand access to financial services, enhance public confidence in the banking sector, and promote financial awareness among various segments of society. Under the CBI instruction, banks are required to: Establish a Financial Inclusion Department within the bank’s approved organizational structure Integrate existing units related to banking awareness and consumer protection into the new department Assign the department to senior management supervision to ensure effective coordination Develop and implement financial inclusion strategies and programs Submit required reports and data to the Central Bank of Iraq in accordance with prescribed formats and timelines Ensure that department leadership possesses appropriate banking, administrative, and financial expertise   The circular emphasizes that financial inclusion activities must align with CBI policies, governance standards, and supervisory requirements.   This directive reflects the CBI’s continued efforts to: Strengthen the role of banks in financial inclusion initiatives Increase access to banking and financial services Enhance financial literacy and consumer protection Improve coordination between banks and regulatory authorities Support sustainable development of the Iraqi banking sector   Banks are required to review their internal structures and take the necessary steps to comply within the specified timeframe. 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.