Central Bank: Our goal is to increase the financial coverage to 20% in 2020

by **Rocky** Mon 26 Feb 2018, 8:18 am

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Central Bank: Our goal is to increase the financial coverage to 20% in 2020

by Rocky Mon 26 Feb 2018, 8:18 am

Central Bank: Our goal is to increase the financial coverage to 20% in 2020

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The Central Bank of Iraq announced that its goal is to raise the proportion of financial coverage in Iraq to 20% in 2020, adding that the banking services offered by banks do not exceed 50 services.

The central bank spokesman, Bassem Abdul Hadi, in a seminar organized by House of Wisdom entitled "Central Bank of Iraq and financial inclusion," and attended by "economy News", "There is a global trend to attention to financial inclusion because it leads to economic development," explaining that " The proportion of financial coverage in Iraq is 11%. "

He pointed out that the Central Bank completed in 2017 draft strategy of financial inclusion, which aims to achieve financial coverage of 20% by 2020, adding that the challenges facing the application of the process of financial inclusion is the absence of financial culture.

Abdul Hadi pointed out that the current banking services do not exceed 50 services, but over time and the evolution of the payment system we will be able to provide new services.

"The Central Bank of Iraq has taken important steps to move towards a non-monetary society that uses electronic payment tools such as bank cards, mobile phones and the Internet to facilitate the buying and selling operations," said Central Bank Payments Manager Doha Abdul Karim .

"The central bank has put in place many initiatives in the strategy that is implemented over five years, and aims at reaching the financial coverage of all segments of society," pointing out that the central bank launched a basic project is the settlement of salaries of employees in the state.

She stressed that "the next step will see the resettlement of private sector salaries, which we seek to create efficient financial institutions , " noting that "the central bank cares about the licensing of electronic payment companies, which are the real arms of banks, enabling them to provide services in remote areas.

"Our strategy is aimed at rebuilding trust between the community and the banking sector," she concluded.

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