Iraq advances digital transformation to boost financial efficiency and economic diversification

Baghdad – INA

The Iraqi Ministry of Finance has announced significant strides in digital transformation and electronic payment systems, marking a pivotal step toward enhancing financial efficiency and reducing dependency on cash transactions. The ministry also reported progress in automating customs procedures to ensure financial sustainability and diversify the national economy.
 
Speaking at the Fourth Annual International Scientific Conference, titled “Digital Financial Services: Challenges and Future Prospects,” the Ministry’s representative, Deputy Minister Ribaz Mohammed Hamdan, emphasized that digital financial services have undergone rapid development in recent years, driven by cutting-edge technology that has revolutionized financial processes.
 
“The ministry has achieved major milestones in digital transformation, including online financial transfers, electronic payments, internet-based loan services, and mobile banking. These advancements have accelerated financial transactions, minimized reliance on cash, and extended services to individuals previously excluded from traditional banking systems,” Hamdan noted.
 
He also highlighted the ministry’s commitment to fostering innovation and collaboration in financial technology while addressing key challenges such as cybersecurity risks. Discussions during the conference explored solutions for enhancing security measures and mitigating future risks in the sector.
 
Additionally, the ministry has made significant progress in automating customs procedures, promoting integrity, transparency, and anti-corruption measures. Training programs at the Financial and Accounting Training Center are equipping employees with the skills needed to utilize the new digital systems, aiming to improve financial performance, enhance public trust in the financial system, and support Iraq’s broader economic goals.