Iraq News Now

Shafaq News / The Iraqi Private Banks Association revealed on Sunday a notable surge in bank accounts, debit cards, and electronic payment devices following substantial support from Prime Minister Mohammed Shia Al-Sudani and the Central Bank of Iraq for the banking sector.

This support was realized through the activation of electronic payment in governmental and private institutions, alongside reforms in mechanisms for financing foreign trade.

Ali Tariq, the Executive Director of the Iraqi Private Banks Association, stated in a press release that the Iraqi banking sector is experiencing significant growth, attributed to the support from the government and the Central Bank of Iraq. He highlighted that banks and electronic payment companies possess strong infrastructures, coupled with significant expansions in their services, ultimately fostering increased trust between the banking sector and citizens.

Tariq pointed out that bank accounts grew by 14% by September 30, 2023, reaching 10.02 million accounts, compared to over 8.79 million accounts at the end of 2022, indicating the establishment of more than 1.2 million accounts within nine months.

Furthermore, he noted specific growth percentages in different types of accounts. Current accounts grew by 17.7% to 3.54 million accounts, savings accounts increased by 11% to reach 5.55 million accounts, while fixed deposit accounts saw a 4.6% increase, totaling 236.8 thousand accounts. Corporate accounts also rose by 5% to reach 688.7 thousand accounts.

He affirmed that the number of bank cards surged by 14.2%, with banks and electronic payment companies issuing 2.3 million new cards in the past nine months, totaling 18.5 million cards. Moreover, point-of-sale devices witnessed a remarkable 117% growth during this period, reaching 23,261 devices compared to 10,718 devices at the end of the previous year.

Tariq further explained that ATM machines grew by 30.5%, reaching 2,901 machines, up from 2,223 machines at the end of the previous year.