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Advisor to the Prime Minister: Supporting electronic payment is one of our priorities
Economical 10/11/2023
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Baghdad: Hussein Thaghab
Advisor to the Prime Minister, Mohamed Al-Najjar, stated that supporting the electronic payment project is one of the priorities of the Sudanese government, noting that this creates safe financial transactions and moves the financial sector to a better stage.
Electronic transactions are witnessing a clear expansion during the current period after the public of customers experienced a real benefit from the use of electronic payment tools that now provide secure transactions that have attracted a wide segment of citizens, as points of sale have reached 23,000 distributed among various regions of the country.
Al-Najjar stressed, in an interview with “Al-Sabah,” the necessity of seriously striving to develop the reality of electronic payment, which is the most prominent future trend to develop the reality of financial transactions in Iraq, pointing out that Prime Minister Muhammad Shiaa Al-Sudani attaches great importance to this issue, creating safe financial transactions that move the financial sector to... Better stage.
He pointed out that achieving cashlessness in financial transactions is extremely important, and electronic payment is a new addition to transactions in the local market, and every citizen must be aware of its importance and the benefits derived from it, indicating that Iraq requires a redoubled effort to develop the reality of financial transactions.
Electronic payment is an important axis for developing the Iraqi financial sector and moving it to an important, more advanced stage, especially since the large Iraqi monetary mass is circulating within the banking system, amounting to between 30 and 40 trillion dinars.
As for the Executive Director of the Iraqi Private Banks Association, Ali Tariq, he said: Electronic payment has achieved clear growth over the past years despite a number of challenges that limited the citizen’s acceptance of receiving this new guest. However, time was sufficient to change society’s visions towards electronic payment after seeing the real benefits. Due to the adoption of electronic cash transactions.
Tariq stressed that the reality of electronic payment is constantly evolving through the development of the performance and multiplicity of electronic services, which helps in achieving greater benefit to the audience of customers, pointing out that the Central Bank of Iraq and the Association of Banks support the development of the reality of electronic payment and the expansion of products whose ceiling is constantly rising.
Tariq pointed out that the number of ministries and government institutions that have contracted with electronic payment companies and published points of sale is 337 institutions.
He added that points of sale have grown by 123% since the Council of Ministers’ decision, and until now, there were 10,718 devices, while now there are 23,906 points of sale distributed to 19,696 in stores and private institutions, 4,210 in ministries and government institutions, stressing that the number of financial settlements that took place through points Sales amounted to about 1.56 million transactions, including 1.15 million transactions for the private sector, and 403.7 thousand transactions for government institutions since the start of the decision until today.
Meanwhile, financial affairs specialist Hisham Khaled Abbas welcomed the effort being made to shift to electronic transactions and move away from cash transactions, pointing out that achieving universality in adopting advanced systems leads to changing the reality of the Iraqi economy to a better stage.
He pointed out in an interview with “Al-Sabah” that achieving the goals of developing financial transactions is not complicated in light of the great and serious support of Prime Minister Muhammad Shiaa Al-Sudani and the cooperation of the largest specialized international companies that can bring advanced technology to the local market.
Abbas pointed out that there is interaction by the Iraqi citizen with electronic payment, and his circle of adoption is expanding continuously after realizing that adopting the card is safer than carrying money and roaming in various markets, or when traveling outside the country.
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