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[size=36]Visa: 81% of Iraqis do not have bank accounts[/size]
Economy| 12:08 - 03/04/2023
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Baghdad - Mawazine News,
the regional director of the global "Visa" company, Laila Sarhan, revealed the decline in Iraqis' dealings with banks, noting that 81% of the population does not have banking dealings, while she indicated that the Iraqi banking system has begun to shift towards digital banking services. .
Sarhan said, "The meetings of the company's team in Iraq with the Prime Minister and the Governor of the Central Bank focused on developing the reality of electronic payment within the Iraqi labor market and in a manner that achieves the objectives of the Iraqi Central Bank by moving towards electronic transactions fully."
She added, "Electronic payment in the country is currently witnessing a major transformation because the opportunities are great within the Iraqi market in the field of payments, in light of the low dealings of citizens with banks, as we find that 81% of the population does not have banking dealings, and the reason is the low financial culture," welcoming Government efforts to encourage electronic payments.
And she revealed that there is "great optimism about what can be done in Iraq in cooperation with the government, the banking system and all sectors, and support for digital transformation efforts in terms of financial support and a culture of financial education, and we can also propose appropriate solutions for the Iraqi market, because Iraq is still at the beginning of the journey, not Having to start from scratch."
Sarhan believed that "the directives of the Council of Ministers regarding activating points of sale in Iraq is very important and goes towards creating real electronic transactions, especially since many merchants today do not have a POS, but they can have smart phones."
And she pointed out that "after the Corona pandemic, a major shift occurred in the reality of digital transactions, and the citizen interacted strongly with electronic payment tools, by shifting towards these transactions completely."
She pointed out that "financial inclusion and digital transformation is everyone's responsibility, and Visa's vision certainly matches the vision of the Iraqi government with easy and smooth services that suit the public, and then efforts are made to provide e-commerce in the easiest way possible, such as the Central Bank's instructions, as it facilitates many digital cards and prepaid wallets for the citizen, each These things are important for digital transformation."
Sarhan warned that "the banking system is undergoing transformation, empowerment, and mechanization in terms of digital banking services, and we see that it is possible for the card to be digital in an application and reach the user, and then it will be a tangible card (plastic), as last year witnessed applications for banking transactions, and the individual can open an account." In a fast and official way, it facilitates the transfer of funds from inside to outside and back.”
And she stressed that "the difficulties facing the implementation of tasks are represented by the infrastructure and coordination with the public to increase confidence in financial payments, and the partnership of Iraqi banks with the company is very important to expand financial inclusion and develop the Iraqi banking system," pointing out that "there is communication with the Central Bank of Iraq regarding mutual advice." We are also working on 3 important frameworks: operational, solutions, and legislative.
Sarhan pointed out, "There are calls for the private sector to be an active partner in the digital transformation process, and here it is necessary to run workshops with a number of key players and service providers. There was a discussion about the use of points of sale, and there was a discussion with the prime minister, and we are waiting for how we can take remarkable steps so that the public can use of electronic payment. Ended 29/N33
the regional director of the global "Visa" company, Laila Sarhan, revealed the decline in Iraqis' dealings with banks, noting that 81% of the population does not have banking dealings, while she indicated that the Iraqi banking system has begun to shift towards digital banking services. .
Sarhan said, "The meetings of the company's team in Iraq with the Prime Minister and the Governor of the Central Bank focused on developing the reality of electronic payment within the Iraqi labor market and in a manner that achieves the objectives of the Iraqi Central Bank by moving towards electronic transactions fully."
She added, "Electronic payment in the country is currently witnessing a major transformation because the opportunities are great within the Iraqi market in the field of payments, in light of the low dealings of citizens with banks, as we find that 81% of the population does not have banking dealings, and the reason is the low financial culture," welcoming Government efforts to encourage electronic payments.
And she revealed that there is "great optimism about what can be done in Iraq in cooperation with the government, the banking system and all sectors, and support for digital transformation efforts in terms of financial support and a culture of financial education, and we can also propose appropriate solutions for the Iraqi market, because Iraq is still at the beginning of the journey, not Having to start from scratch."
Sarhan believed that "the directives of the Council of Ministers regarding activating points of sale in Iraq is very important and goes towards creating real electronic transactions, especially since many merchants today do not have a POS, but they can have smart phones."
And she pointed out that "after the Corona pandemic, a major shift occurred in the reality of digital transactions, and the citizen interacted strongly with electronic payment tools, by shifting towards these transactions completely."
She pointed out that "financial inclusion and digital transformation is everyone's responsibility, and Visa's vision certainly matches the vision of the Iraqi government with easy and smooth services that suit the public, and then efforts are made to provide e-commerce in the easiest way possible, such as the Central Bank's instructions, as it facilitates many digital cards and prepaid wallets for the citizen, each These things are important for digital transformation."
Sarhan warned that "the banking system is undergoing transformation, empowerment, and mechanization in terms of digital banking services, and we see that it is possible for the card to be digital in an application and reach the user, and then it will be a tangible card (plastic), as last year witnessed applications for banking transactions, and the individual can open an account." In a fast and official way, it facilitates the transfer of funds from inside to outside and back.”
And she stressed that "the difficulties facing the implementation of tasks are represented by the infrastructure and coordination with the public to increase confidence in financial payments, and the partnership of Iraqi banks with the company is very important to expand financial inclusion and develop the Iraqi banking system," pointing out that "there is communication with the Central Bank of Iraq regarding mutual advice." We are also working on 3 important frameworks: operational, solutions, and legislative.
Sarhan pointed out, "There are calls for the private sector to be an active partner in the digital transformation process, and here it is necessary to run workshops with a number of key players and service providers. There was a discussion about the use of points of sale, and there was a discussion with the prime minister, and we are waiting for how we can take remarkable steps so that the public can use of electronic payment. Ended 29/N33
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