The Iraqi Ministry of Finance has announced major advancements in digital transformation and electronic payment systems, marking a significant move toward improving financial efficiency and reducing reliance on cash transactions. Efforts to automate customs processes also aim to promote financial sustainability and diversify the national economy.
Deputy Minister Ribaz Mohammed Hamdan highlighted the rapid evolution of digital financial services, powered by cutting-edge technologies that are reshaping financial operations.
“The ministry has reached key milestones in digital transformation, including online financial transfers, electronic payments, internet-based loan services, and mobile banking. These developments have streamlined financial transactions, reduced cash dependency, and expanded access to banking services for previously underserved individuals,” Hamdan stated.
The ministry is also focused on fostering innovation and addressing challenges such as cybersecurity risks. Discussions at a recent conference explored strategies to strengthen security measures and mitigate future risks in the financial sector.
Progress in automating customs procedures has further enhanced integrity, transparency, and anti-corruption measures. Meanwhile, training programs at the Financial and Accounting Training Center are equipping employees with the skills to effectively use these new digital systems. These initiatives aim to improve financial performance, build public trust in the financial system, and support Iraq’s broader economic objectives.
