Iraq has made significant progress in electronic payments, earning praise from the World Bank. Saleh Mahoud, Prime Minister’s Advisor for Banking Affairs, highlighted the country’s rapid growth in digital financial services and inclusion over the last three years. These advancements demonstrate Iraq’s commitment to modernizing its banking sector and improving access to financial tools for all citizens.
Mahoud explained that the rising number of bank cards and electronic payment devices shows Iraq’s advancement in modern banking. In August 2024, e-payment transactions surpassed two trillion Iraqi dinars, or roughly $1.52 billion, according to Ali Tarek, director of the Iraqi Private Banks League (IPBL).
Currently, Iraq has 20 million credit and debit cards in circulation. About half of Iraqis hold at least one card, and some individuals possess up to three. This shift reflects growing public adoption of digital payments over cash transactions.
Moreover, the Iraqi government actively encourages partnerships between local banks, fintech firms, and international payment providers. These collaborations expand the reach of e-payments, introduce new digital solutions, and ensure broader financial access for underserved communities.
Earlier in 2025, Central Bank Governor Ali Al-Alaq announced that financial inclusion had surpassed 40 percent. Iraq has implemented a comprehensive plan to digitize banking services, and the governor emphasized that electronic payments serve as a key tool for the country’s digital transformation.
The government has installed more than 4,000 ATMs nationwide and maintains roughly 17 million active bank cards. Mobile-based e-wallets have also helped citizens pay bills and transfer money efficiently, improving accessibility and convenience for millions.
Iraq connected its electronic payment system to global networks. Iraqi-issued cards now work internationally, while foreign cards are accepted locally. This integration strengthens Iraq’s position in the global financial ecosystem. Experts say these developments position Iraq as a regional leader in financial inclusion. Continued investment in e-payments will support economic growth, enhance efficiency, and provide secure banking options nationwide.
