Iraqi Private Banks Association: More than 4.8 million active bank accounts in Iraq

by **claud39** Sat Jan 30, 2021 1:17 pm

Iraqi Private Banks Association: More than 4.8 million active bank accounts in Iraq

01/30/2021

Economy News - Baghdad

The Iraqi Private Banks Association announced, on Saturday, that the number of bank accounts in banks operating inside Iraq amounts to more than 4.8 million bank accounts.

The executive director of the Iraqi Private Banks Association, Ali Tariq, said in a statement received by "Al-Eqtisad News", that "bank accounts amount to more than 4.8 million accounts, which is a very good percentage, and are witnessing a significant annual growth, which is more than 44% thanks to the program of nationalizing salaries of state employees and opening new companies." In addition to the need of citizens to save in banks because of the high interest rate of fixed deposits and purchases from the Internet and others.

He added that "the number of currently activated bank cards is more than 11.2 million cards, while the number of automatic teller machines is 1170 devices," explaining that "point-of-sale devices known as POS amount to about 4,000 devices, and electronic payment companies are working on an increase to include all stores across the country. During the coming years. "

He added that "the activated electronic wallets amount to more than 3.5 million wallets, and the points of cash payment amount to about 13 thousand devices spread throughout Iraq."

And that "the strategy of the Central Bank of Iraq to enhance financial inclusion contributed to the increase of bank accounts, bank cards and electronic payment devices, in addition to that it was able to diversify banking services to all citizens in Baghdad and the provinces," pointing out that "the Central Bank works with the International Monetary Fund and the Monetary Fund." Al Arabi, the World Bank, the Association of Iraqi Private Banks and other financial institutions to promote the concept of financial inclusion inside Iraq.

https://economy-news.net/content.php?id=23872