The central bank reduces the technology gap and achieves digital transformation

Economic and Banking Adviser Samir Al-Nasiri
 
03/16/2021

Samir Nasiri *

With high insistence and confidence in the ability of the Iraqi financial and technical cadres working in the Central Bank to reduce the challenges of the technical gap in information systems that Iraq has suffered due to the repercussions of the blockade, wars, terrorism and instability during the information revolution. The central bank was able to address the challenges of digital transformation and development in banking technologies, establish infrastructure in banks, and lead an advanced system of payments at the level of the state's financial system.

And this major technical effort of the Central Bank was evaluated last month when the Director General of Payments at the Six Central Bank was honored, Duha Abdul Karim, among the 12 innovators worldwide, by the United States Secretary of State for her role in implementing the Central Bank’s plan and her distinguished effort in establishing A nationwide credit card infrastructure that facilitates digital payroll payments. These payments establish a path that can be audited, and it is certainly an important national effort for the employees of the Central Bank and the banks, and this comes due to the measures and developments undertaken by the Central Bank and to stand in the right direction in the darkest economic conditions that our country has suffered from and to draw a sound roadmap to catch up with technological developments in the countries of the world.

An observer of the situation in Iraq will notice the extent of faith in the Iraqi capabilities and competencies in bringing about change and reducing the technical gap between us and the developed world, and this is evidenced by the important achievements that have been achieved, as follows: -

The methodology adopted by the Central Bank always focuses on working under a sound legislative, regulatory and legal umbrella, as well as strengthening the concepts of governance and international standards in relation to information technology and financial technologies.

The central bank plays a pivotal role in establishing advanced infrastructure and pursuing the latest international technologies, developing the bank's financial and banking systems, payments systems and advanced communications networks according to the latest technologies.

3- The central bank’s possession of advanced payment systems as well as retail payment structures, and the national repository was one of its most important parts.

47 Granting business licenses to many electronic payment service providers (card issuers and collectors, processing the operations of mobile payment companies, billers and payment gateways through various channels).

5. Wide interest in implementing the first objective of the Bank's strategy for the years (2016-2020).

6‐ Achieving financial stability through a sound financial system, with an interest in achieving financial inclusion and reducing risks, as well as adopting a project to localize employees' salaries.

It is evident from the above achievements that the Central Bank has been able to reduce the challenges of the technical gap, and it is proceeding today at a steady pace to achieve a digital transformation in the financial sector towards achieving financial stability and moving from a cash society to a cash society, which is one of the goals of economic and financial reform in the White Paper.

* An economic and banking advisor

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