CBI decides to establish the National Company for electronic payment systems in Iraq

Baghdad – INA 

The Central Bank of Iraq CBI decided, on Wednesday, to establish the National Company for electronic payment systems in Iraq.
 
CBI said in a statement, received by the Iraqi News Agency (INA) that "The Central Bank of Iraq Directors board, decided to establish the National Company for electronic payment systems in Iraq", indicating that "the company represents a qualitative development in the structure of the country's financial infrastructure".

The statement added that "The new company will be responsible for the development, operation and management the national electronic payment and collection systems with high efficiency and addition new elements to serve the electronic payment environment".

The statement continued " The Central Bank of Iraq role will revolve around the regulation and supervision of these systems, and that implementation will be initiated and the legal, executive and operational framework of the company will be developed with the participation of all interested parties, in accordance with the bank's law and the applicable legislative frameworks".

The statement pointed out that "This step comes in conjunction with the accelerated growth in electronic financial services and products the rise in users’ number in line with the framework of the Government program to support and adopt advanced electronic payment systems".