Shafaq News/ A member of the parliamentary finance committee described the Central Bank of Iraq's (CBI) decision to establish the National Electronic Payment Systems Company as a step in the right direction toward developing the country's financial system.
Committee member Mo’ein Al-Kadhimi told Shafaq News Agency that the government and CBI are actively working to modernize the financial sector by promoting the use of electronic payments instead of cash, as is commonly practiced in many countries globally and in the region.
He added that relying on electronic payments contributes to combating corruption, particularly administrative and financial corruption in government institutions. There is also a governmental directive for service departments to adopt electronic payments for taxes and services provided to citizens.
Al-Kadhimi revealed a parliamentary request to the Ministry of Finance and CBI to set a timeline, targeting the end of this year, for all government institutions, especially service departments and traffic authorities, to fully transition to electronic payments instead of cash.