2024-02-18T10:53:26+00:00
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/ The Central Bank of Iraq revealed, on Sunday, the mechanism for granting a license to electronic payment companies, confirming the continuation of accepting license applications.
The Central Bank specified in a statement received by Agency that the applicant, whether a natural or legal person, must have at least three years of experience in the field of electronic payment and the payment industry, including founders and participants, indicating that the application includes a detailed explanation of the added value to the electronic payment sector in Iraq that the company to be licensed will provide, especially in the field of modern collection technologies and enriching the Iraqi market with distinguished and applicable service.
The bank stressed the need to submit a detailed technical feasibility study request on what the company to be licensed will provide, noting that the request includes the minimum standards for accepting applications for a license to work as an electronic payment service provider, in addition to what is stated in the electronic payment services system.
The bank confirmed that applications that do not meet the aforementioned licensing conditions will be rejected.