Latest updates, analysis, and insights from the world of Islamic finance and fintech.
Iraq’s electronic payment sector has experienced rapid growth in recent years, with electronic wallets and payment cards becoming part of daily life for millions of Iraqis Despite this expansion, however, the issue of trust remains highly relevant
FastPay, the digital payment service, has announced a new promotional campaign that will run for one month, offering discounts of up to 20% on personal user activations. The initiative aims to encourage the adoption of digital payment services and expand the company's user base in the Iraqi market.
The Central Bank of Iraq (CBI) has announced the adoption of a joint action plan with the Financial Action Task Force (FATF) aimed at strengthening the country's framework for combating money laundering, terrorist financing, and proliferation financing
The Financial Action Task Force (FATF) has placed Iraq on its so-called grey list, identifying the country as subject to increased monitoring regarding anti-money laundering (AML) and counter-terrorist financing (CFT) efforts
Imagine someone needs a loan to buy a car, finance a small business, or deal with an unexpected emergency Today, the process typically begins with collecting documents, proving income, submitting an application, and then waiting for a decision In some cases, applicants may wait days or even weeks before learning whether their request has been approved
Iraq continues to witness steady growth in the use of electronic wallets and digital financial services, alongside government and banking initiatives aimed at promoting financial inclusion and reducing reliance on cash for everyday transactions.
Just a few years ago, having a bank branch in every neighborhood was considered a sign of a bank’s strength, reach, and market presence Today, however, this equation is changing in a growing number of countries around the world Instead of opening more branches, many banks are closing them Instead of expanding in-branch staffing, they are investing heavily in mobile applications and digital platforms In some markets, entirely new banks have emerged without a single physical branch, operating exclusively through smartphones and the internet This transformation raises an important question: Why are some countries moving toward fully digital banks? And could this model become a defining feature of the future global banking industry؟
Iraq’s electronic payment sector is witnessing rapid growth in 2026, with the number of Point of Sale (POS) devices continuing to rise across markets, retail stores, and government institutions, reflecting a broader shift toward reducing cash dependency and supporting the digital economy
Only? In a growing number of Iraqi restaurants, stores, and digital applications, users have started noticing something very clear: Pay electronically and get a discount… pay cash and you pay the full price
The Central Bank of Iraq held an expanded meeting in Baghdad chaired by Governor Ali Mohsen Al-Alaq, with the participation of department directors and representatives of licensed electronic payment companies operating in Iraq, to discuss the current state of the digital payments sector and the challenges associated with it during this phase
With the rapid expansion of e-commerce and digital advertising in Iraq over recent years, digital wallets and payment cards have become essential tools for online payments and advertising activities, particularly across social media platforms, online stores, and digital services.
Despite the rapid expansion of digital payment services within ride-hailing and transportation applications in Iraq, many taxi drivers working through these platforms still prefer cash payments over digital transactions.
Competition within Iraq’s fintech sector no longer appears limited to digital wallets or money transfer services alone. Instead, it is gradually expanding toward broader digital ecosystems connected to the daily applications and services citizens use regularly
In a move widely regarded by industry experts as one of the most significant transformations in Iraq’s financial sector in recent years, reports of Qi Card acquiring Al-Qurtas Islamic Bank have emerged as a clear signal that Iraq is entering a new phase of integration between financial technology and the traditional banking sector.
A few years ago, discussions about financial technology in Iraq were mostly linked to banks, banking cards, and money transfers. Whenever someone heard the word “fintech,” they immediately imagined a financial application or a digital wallet. But recently, this perception has gradually started to change within the Iraqi market
Some sectors linked to commercial and rationing services in Iraq are witnessing a growing shift toward integrating electronic payment tools into daily operations. This reflects the expansion of financial technology into areas that traditionally depended almost entirely on cash transactions
Some educational institutions in Iraq have recently shown a growing shift toward adopting electronic payment systems in financial transactions, reflecting the gradual integration of financial technology into the education sector
Market indicators in Iraq show a noticeable increase in the use of digital payments within delivery applications in recent months. This gradual shift reflects a change in user behavior toward payment methods linked to everyday services