The Central Bank of Iraq published an update on an expanded meeting chaired by the governor with licensed electronic payment companies, focused on supporting digital transformation and the bank's strategy to develop electronic payments and strengthen financial inclusion. The governor said the next phase requires payment companies to improve the quality, efficiency and reliability of services for users in order to build trust in electronic payments, widen adoption of digital payment solutions and reduce reliance on cash. A central part of the discussion was compliance with international standards, particularly for external financial operations and transactions. The bank linked that compliance to broader sector development, including higher card usage limits and the introduction of new financial services and products. The meeting also covered joint instructions and procedures that the Central Bank of Iraq and payment companies will implement to limit card misuse and improve the safety and efficiency of the payments system, with the aim of raising operational limits and enabling more innovative services. The governor also called for stronger coordination among payment companies and closer partnerships with banks licensed by the Central Bank of Iraq. The focus is on expanding card acceptance networks, improving collection and processing services, and creating a more integrated payments ecosystem aligned with international standards and practices.
Central Bank of Iraq2026-07-21
Central Bank of Iraq outlines service, compliance and card misuse expectations for payment companies
The Central Bank of Iraq used a meeting with licensed electronic payment companies to set expectations for better service quality, stronger compliance and closer coordination across the payments sector. It highlighted adherence to international standards, especially for external transactions, as a basis for higher card usage limits and new products, and discussed joint measures to curb card misuse and improve system safety.