The Central Bank decides to save data to electronic payment companies and process them within the country


The Central Bank of Iraq decided to process and save data on electronic payments within Iraq in light of the strategic plan of the Central Bank of Iraq to regulate electronic payment activities towards competition and non-monopoly and transfer of foreign expertise to Iraq.

“Three local companies have been licensed to provide electronic payment services in which data is processed for all customers in their data centers inside Iraq so far,” a statement issued by the bank said.

He added 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 global branches in Iraq to work to be all processing and conservation within their centers inside Iraq exclusively.”

The statement pointed out that “in the case of the desire of foreign companies that will be licensed to work in Iraq to participate with local payment companies located locally, the participation rate must not be less than 51% for the benefit of the local entity.”

Source: Alforat News

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