The Central Bank decides to save data for electronic payment companies and processing them inside Iraq

April 17, 2018
The Central Bank decides to save data for electronic payment companies and processing them inside Iraq

In light of the strategic plan of the Central Bank of Iraq to regulate electronic payment activities towards competition and non-monopoly and the transfer of foreign expertise to Iraq and to achieve the goal we aspired to, this bank "to be processing and preservation of data on electronic payments within Iraq."

The bank explained that three local companies have been licensed to provide electronic payment services where data processing is done to all customers in their data centers inside Iraq to date, and that there are other companies in the process of obtaining licenses from the relevant authorities and the existence of requests from several foreign companies To open branches in Iraq to work to be all processing and conservation within its centers inside Iraq exclusively.

The Central Bank explained that in the case of the desire of foreign companies that will be licensed to work in Iraq to participate with local e-payment companies, the participation rate must not be less than 51% for the benefit of the local entity

https://cbi.iq/news/view/674