Financial Inclusion and FinTech: Have We Really Reached Underserved Communities, or Are We Just Counting Numbers?
Ten years ago, the average Iraqi citizen did not have a bank account. Nearly 80% of the population was estimated to be excluded from formal banking services. Today, statistics indicate that around 35% of the population has either a digital wallet or a digital bank account.
However, there is an important detail behind these figures: 80% of those within the 35% live in Baghdad and other major cities. Rural areas and remote provinces remain largely underserved by FinTech services.
The reasons are straightforward: weak digital infrastructure, slow or unavailable internet connectivity, and low levels of social acceptance and awareness.
Genuine FinTech companies are increasingly focusing on underserved communities, but without clear and comprehensive strategies. There are few effective training programs, limited public awareness initiatives, and insufficient government support.
As a result, financial inclusion in Iraq risks becoming an attractive media slogan rather than a transformation that delivers meaningful access to financial services for all segments of society.