By Mustafa Kuran 2 hours ago
The Association of Iraqi Banks organized the activities of the Digital Convergence
Conference 2019 in cooperation with the Jordanian Jordanian Economic Association and in the presence of the Governor of the Central Bank of Iraq Ali Alaq, the Iraqi Minister of Communications and the Jordanian Minister of Digital Economy and Entrepreneurship, with the participation of more than 30 Jordanian technical companies from the land of the Babylon International Hotel in the Iraqi capital Baghdad, to discuss ways to develop the banking system and the adoption of electronic payment.
Al-Alak said in a speech at the conference: “We see a positive surge in the digital banking services in the banking industry in enhancing financial coverage, and the methodology adopted by the Central Bank is always focused on working under a clear legislative umbrella and sound regulatory and legal framework, The concepts of governance and the adoption of international standards in terms of information technology and financial techniques and the development of regulatory frameworks that support the ambitious plans from the practical work is appropriate to the environment of Iraq in terms of technical, financial and even cultural.
He added: “In order to move to the culture of electronic trading, the Central Bank issued electronic payment system of funds No. 3 of 2014 and the establishment of the National Payments Council and is working with legislators to issue a draft law on the issuance of national payments.
One year went on to rely on the electronic payment system at a commercial center in Baghdad for the first time. According to data from the Association of Banks, seven other centers initiated the same step during this period, but the owners of the centers underline the low awareness in the use of these devices.
“This system is better and easier for us, and it avoids counterfeit and damaged banknotes as well as small denominations,” said Saad Abdullah, owner of the first online payment system.
Some emphasize the need for government intervention to increase reliance on electronic payment systems in banks and shops.
“We all have a Visa card, and we want to develop, I hope that the electronic system will be relied on in everything, and that is what is happening in the world and the Middle East,” said Muhannad Abdul Sattar, one of the dealers.
Although neighboring countries including Turkey, Iran, Jordan and Syria are heavily dependent on the electronic payment system, but the experience is still new in Iraq and does not exceed the number of users used by the fingers.