The Central Bank of Iraq has announced the launch of the "National Company for Electronic Payment Systems", an institution with mixed capital from the public and private sectors, aiming to revolutionize the national banking infrastructure.

The bank aims, according to information obtained by Dijla Point News, to scale down direct paper cash transactions and accelerate the wheel of digital transformation within state institutions and markets, to keep pace with global financial developments.

The company will also take on the task of connecting the Iraqi banking sector more closely with international financial systems, and securing a fortified digital environment for payments, which contributes to stimulating commercial activity and combating financial crimes.