Financial Inclusion in Iraq: What Has Changed Since the World Bank’s 2024 Data as Qi Expand ?s

Financial Inclusion in Iraq: What Has Changed Between World Bank Data and Qi’s Expansion?

When we read that approximately 19.8 million adults in Iraq do not have a financial account, we must first ask: to which year does this figure refer?

The estimate presented by the World Bank platform is based on 2024 data; however, the sector continued to develop its services thereafter. By 2026, Qi announced that its systems were serving over 21 million users (based on Central Bank data and Qi’s announcement).

Between these two figures lies a fundamental issue in the discussion of financial inclusion in Iraq: how do we interpret the data-recorded gap and properly acknowledge subsequent developments without conflating the number of users with the number of account holders?

2024 Data Reveals the Extent of the Gap

The World Bank platform identifies approximately 28.26 million people aged 15 and older; of these, 19.8 million do not possess an account. Roughly speaking, this equates to seven out of every ten individuals within this age group.

This disparity is also linked to income: account ownership stands at 20% among the poorest 40% of the population, compared to 37% among the highest-earning 60%. (Source: World Bank Report – Iraq)

These figures help identify the demographic groups that require services better tailored to their specific needs. However, while this describes the period the company endured, it is not sufficient on its own to assess the situation as it stands at the time of writing this article in October 2026.

**Al-Rafidain and Qi: Subsequent Efforts to Consider**

Any assessment of the landscape must account for the efforts made by Al-Rafidain Bank and Qi to expand access to electronic payment tools. A notable example from 2026 is the company’s participation in financial inclusion events organized by the bank in August 2026, during which it provided Mastercard issuance services and educated users on their functionality.

These activities demonstrate a practical approach to narrowing the gap, delivering payment tools to beneficiaries, familiarizing them with the services, and linking these tools to the transactions they require.

However, the ultimate impact depends on what happens after the card is issued and the salary is received: Does the beneficiary find merchants that accept electronic payments?

Are the fees transparent? Can issues be resolved quickly? The answers to these questions determine whether usage is sustained.

**What Does Qi’s Reach of Over 21 Million Users Signify?**

In a statement regarding its participation in the Money20/20 Europe 2026 conference, Qi announced that its integrated digital platform serves more than 21 million users. This announcement is significant for any current analysis of Iraq’s fintech market, as it highlights the scale of the user base the company claims to serve. Source: Qi Company

To be precise, the announced figure refers to users; it does not represent the number of bank accounts held with Al-Rafidain Bank or the total number of accounts in Iraq. Nor does it imply that all these individuals joined the financial services sector after 2024. Therefore, this figure cannot be used to calculate a new national financial inclusion rate or be directly subtracted from World Bank estimates.

This distinction allows for a clear illustration of Qi’s expansion while maintaining the accurate meaning of each indicator. Determining the extent to which the gap has narrowed over the past two years, however, requires more recent data based on comparable definitions and timeframes.

The next question is: how much of this access translates into daily usage?

From the perspective of Iraq’s fintech sector, a broad user base offers service providers an opportunity to develop products integrated into daily life—such as making purchases, paying bills, and sending or receiving funds.

Achieving this requires paying as much attention to merchants as to users. Payment acceptance necessitates clear procedures, transparent settlement processes, and accessible support when transactions fail. The easier the experience is for both parties, the greater the likelihood of sustained engagement.

Furthermore, the disparities revealed in data concerning women and low-income groups call for a direct examination of their specific needs. Barriers vary across different segments and cannot be identified solely through account ownership rates.

Publishing data on active users, transaction frequency, and first-time financial service adopters would be a valuable step in evaluating outcomes. Such data provides the market with a more accurate picture of the impact of this expansion, helping companies and banks identify where their services are succeeding and where improvements are needed. Data from 2024 revealed a significant gap, while announcements and initiatives from 2026 have introduced developments that must be taken into account. A shared responsibility now exists: to continue expanding services and providing clear usage figures, enabling us to measure changes in the lives of beneficiaries and the level of financial inclusion in Iraq.

This article was prepared on October 13, 2026. The cited World Bank data pertains to 2024; the estimate regarding individuals without accounts is derived from a survey and is subject to a margin of error. The figure for Qi users is based on the company’s 2026 announcement.