Monday 25 August 2014
Call the central bank came at a time when the financial sector to further development and opening to the outside world
Standard routine and legal complexities by the Iraqi Central Bank to grant the licenses of those who wish to work makes electronic payment system averse
Not only did seek CBI to develop the work of Iraqi banks and money transfer companies, to grant more licenses to open financial institutions or reduce the standard routine, but went on to keep pace with progress in the global banking system through a call about a month ago for the Iraqi banks and money transfer companies licensed companies mobile phone, to the introduction of electronic payment services for the funds.
Financial experts interpreted the move as "bold transmission," the banking sector, especially after the grant is approved companies the opportunity to work in accordance with the system of electronic payment Zawabott and conditions, while others questioned the success of this project.
The central bank has called for last July wishing to banks and money transfer companies and mobile phone, to the introduction of electronic payment, noting that they have to make formal requests for the exercise of this service requirement of compliance with the requirements the system and provide all the archives.
Expert in financial affairs Naseer al-Samarrai explained in a statement to "Qurtas News", that "the central bank's call came at a time when the financial sector to further development and opening to the outside world that Iraq already far advanced."
He added that "this call comes from the bank during the quest for the development of the payments system in Iraq, the adoption of modern technology to ensure the provision of quality service quickly and away from the routine and waste of time, as well as the liberalization of the banking business of the totalitarian regime to a complex system of free sophisticated."
And that "the introduction of electronic payment with the participation of the mobile phone companies will give citizens the opportunity and the ability to transfer funds from their accounts to any bank or branch, or even someone else, which provides time and cost and effort as well as reduce the security risks associated with trading currencies in large amounts when contract commercial transactions or shopping etcetera. "
He continued that the Samurai, "the central bank is serious work with this system through training Mlakath on this system and call for banks and other companies are also training, as well as prepare for the deployment of this project and explained to the citizens after the completion of the project in full."
In addition, allowed the CBI to banking companies is licensed to operate this system, where the official source at the Directorate General of the banking and credit control of the bank, that "companies that do not have a license from the Bank and would like to work as a provider service for electronic payment must obtain a license from the Directorate and then work with this system. "
The source, who requested anonymity, told the "Qurtas News", "on those companies comply with the requirements Directorate, as well as the importance of a capital payment service provider of 10 billion dinars, and re-examined after 3 years from the issuance of instruction" .
And that "the wages of granting the license of five million dinars pay a one-time, as well as to provide a letter of guarantee of 15% of capital renews annually to adjust the ratio in light of the budget of the company issued after the end of the fiscal year," adding that the "applicant pay consider the request to participate in the project and pay retail divider and national reach 2.0005 million dinars are not refundable. "
For his part, questioned the financial expert is useful Ghanem, the possibility of "the success of this project at the present time due to lack of banking laws amendment as well as the citizen's confidence in tension until now Iraqi private banks and money transfer companies."
He explained in a statement to "Qurtas News", that "the process of electronic payment depends largely on the system of the mobile phone companies already suffering from technical problems and logistical in her testimony Communications and Media Commission and the Ministry of Communications, as well as that of private banks and money transfer companies lack the infrastructure electronic systems and need a long time until you get used to the regulations for the electronic payment system, so the success of the project will be very weak. "
He said that Ghanem "standard routine and legal complexities of the Iraqi Central Bank before granting licenses makes those who wish to work from the electronic payment system is not averse to favor access to this project."
It consists of the banking system in Iraq from 43 banks, as well as the central bank, and are distributed according to the property between the seven state banks, 30 regional banks, including seven Islamic, as well as six foreign banks which is distributed as follows: Branch 600 in the whole of Iraq.