Baghdad – IA – Wissam Al-Mulla
Today, Thursday, the Governor of the Central Bank of Iraq, Ali Al-Alaq, detailed the objectives and advantages of the electronic collection project, while confirming that the banking sector receives continued attention and support from Prime Minister Muhammad Shiaa Al-Sudani.
Al-Alaq said, in his speech during a workshop held by the Association of Private Banks and attended by the correspondent of the (INA): “We extend our thanks to Prime Minister Muhammad Shiaa Al-Sudani, for the interest and continuous support that the banking sector has received to be one of the tributaries of the economy in Iraq, especially the subject of this issue.” The workshop,” indicating that “the Prime Minister was, from the beginning, an interactive supporter and interested in this issue, and we have ongoing meetings with him within the framework of strengthening and pushing this issue in the required directions.”
Al-Alaq appreciated “the efforts of the ministries, government agencies and institutions for their interaction with this project, and we have impressions that we are proud of in this context through the interaction of the concerned departments and divisions in our ministries and institutions, a fact that constitutes a motivating and encouraging point to proceed with such initiatives and such programmes.”
He pointed out that “the launch of the electronic collection project comes as a translation of the commitment of the Central Bank and the banks and financial institutions subject to the supervision of the Central Bank to implement its vision and strategic objectives to develop the financial and banking sector in Iraq, as this project contributes significantly to enhancing government resources and collecting them in a reliable, safe and transparent environment, relying on Infrastructure for payment systems and electronic payment platforms provided by the Central Bank and licensed payment service providers.”
He pointed out that “the project generally targets all governmental ministries, as well as non-governmental ministries, unions and associations from which the amounts are collected, as this project enables the automation of all collection processes, the adoption of electronic payment tools and the reduction of cash transactions, which in turn will help alleviate the burden of citizens by accelerating the payment of cash transactions.” Transaction completion.
He noted that “the electronic collection system enables customers to choose the time and place they want to pay bills, and this would save time and effort and provide payment services to citizens through multiple payment channels with a high degree of trust and security, and this would increase collection rates and reduce costs and labor.” operating, reducing the risks of cash dealing, increasing the efficiency of the service provided to citizens, and obtaining integrated data and reports.”
He stressed that “electronic collection is an important link in a major goal that seeks to limit the phenomenon of the cash economy, and the Central Bank seeks to work on it at several levels in order to optimize the use of cash, expand financial inclusion at the lowest costs, and push transactions through banking and financial channels in a way that maximizes economic and social benefits.” .
He stressed “the importance of holding such workshops because of their direct impact on developing capabilities through the fruitful exchange of knowledge, experiences and developmental visions, as well as discussing the opportunities and challenges facing the financial and banking sector and how to overcome them and investing all possible opportunities in its development.”
He stressed, “The Central Bank’s commitment, in partnership with our colleagues, to support this initiative by supporting the growth and sustainability of the local economy while maintaining its stability and status. Through cooperation and purposeful challenge, we can achieve great achievements and positive abundance in this vital sector and achieve a common vision towards a more stable and prosperous future.”