Towards a Cash-less Iraq: When and How?
Baghdad, Iraq - KAPITA held a successful "Towards a Cash-less Iraq Business Meetup" on April 19, 2023. The event focused on the adoption of electronic payment solutions, international money transfer channels, and prepaid card systems in Iraq.
Moderated by Ali Al-Hilli - Marketing and Communications Manager at Miswag, the event featured Ali Tariq - Executive Director of Iraqi Private Bank League, and Ali Hassan Al Asadi - Director of Sales, Distribution, Issuing, and Acquiring at SWITCH. The discussion focused on the financial cycle in Iraq, which is heavily reliant on oil exports, and the recent adoption of an electronic platform by the Central Bank of Iraq (CBI).
Ali Tariq explained the licensing and types of banks and non-financial institutions in Iraq. He highlighted the difference between government banks and private banks, and how financial companies provide non-banking financial services. Banks, he explained, work as intermediaries, taking funds from depositors and lending them to borrowers with interest.
Ali Alassadi discussed the three types of e-payment licensing: Card Issuance, Acquiring, and Card Processing. He also talked about the different types of cards, including prepaid, reloadable, and virtual cards, and their use in B2B and B2C transactions.
Both speakers emphasized the importance of adopting electronic payment solutions and prepaid card systems in Iraq. Ali Tariq highlighted the benefits of prepaid cards, which require less paperwork and can help build trust with the Iraqi banking sector. Ali Alassadi emphasized the convenience and safety of electronic payment solutions, including point-of-sale devices and payment gateways.
The speakers also discussed recent dollar crises and the procedures and outcomes of money transfers. They emphasized the need for merchants to have a bank account under their company name to facilitate official money transfers.
In conclusion, The event provided a platform for dialogue and exchange of ideas on the adoption of electronic payment solutions and prepaid card systems in Iraq. Participants had the chance to connect with like-minded professionals, exchange ideas, and form partnerships that can help them achieve their business goals. Ultimately, KAPITA’s business meetups are a vital tool for promoting economic growth and creating a more vibrant business community in Iraq.
For more information about KAPITA and its initiatives, visit www.kapita.iq.
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