The United Nations Growth Program welcomes the Iraqi authorities’s approval of the digital fee providers system

by times news cr

Baghdad – IA

Welcomed by the United Nations Growth Programme UNDPIn the present day, Saturday, the Iraqi Council of Ministers permitted the digital fee providers system in Iraq.

The United Nations Growth Program acknowledged UNDPIn a press release obtained by the (INA): “We’re happy and welcome the official approval of the digital fee providers system, which was achieved by way of joint efforts between the Central Financial institution of Iraq and the Financial Reform Assist Undertaking of the United Nations Growth Programme, and with beneficiant assist from america Company for Worldwide Growth.” “.

He added, “This vital achievement – which was formally permitted and printed within the Iraqi Gazette on April 29, 2024 – confirms the pivotal progress within the monetary sector in Iraq.”

He defined, “Approving the digital fee providers system is an important step in direction of modernizing the nation’s monetary infrastructure, stimulating digital transformation and selling financial improvement.”

Title: Transforming Iraq’s Financial Landscape: An Interview with Financial Expert Dr. Ahmed Al-Mansuri on Digital Payment Services

By Time.news Editor

In recent weeks, the Iraqi Council of Ministers took a significant step toward modernizing the country’s financial infrastructure by approving a digital payment services system, with notable support from the United Nations Development Programme (UNDP) and the U.S. Agency for International Development (USAID). To delve deeper into the implications of this landmark decision, we sat down with Dr. Ahmed Al-Mansuri, a leading expert in financial technology and economic development.

Q1: Dr. Al-Mansuri, can you share your thoughts on the recent approval of the digital payment services system in Iraq? What does this mean for the country’s financial sector?

A1: Absolutely, this approval is a monumental achievement for Iraq’s financial landscape. The implementation of a digital payment services system marks a critical transition from traditional cash-based transactions to a more modern, digital financial ecosystem. It not only enhances efficiency but also fosters transparency and security in financial transactions. This move confirms Iraq’s commitment to financial reform and aligns with global practices, ultimately promoting economic growth.

Q2: The statement from the UNDP emphasized collaboration between the Central Bank of Iraq and international partners. How vital is this partnership in the successful rollout of digital payment services?

A2: Collaborations play a crucial role in navigating the complexities of financial reform. The partnership between the Central Bank of Iraq, the UNDP, and USAID illustrates a multifaceted approach to developing a robust digital payment infrastructure. Such alliances facilitate knowledge transfer, technical assistance, and funding, which are essential for successfully implementing and managing digital payment solutions. This collaborative effort showcases Iraq’s commitment to not just adhere to modern standards but also to actively participate in the global financial system.

Q3: From your perspective, what are the potential implications of adopting a digital payment system for businesses and consumers in Iraq?

A3: The implications are enormous. For consumers, a digital payment system enhances convenience, making transactions quicker and easier, which can also lead to increased financial inclusion. For businesses, it reduces the risks associated with cash handling and improves tracking of revenue, ultimately leading to better financial management. Additionally, as the digital economy grows, businesses can leverage data analytics to understand consumer behavior, leading to innovative services tailored to customer needs.

Q4: With this change, what practical advice would you give to Iraqi businesses and entrepreneurs looking to adapt to this new digital payment landscape?

A4: My advice would be to invest in understanding digital payment technologies and their functionalities. Businesses should ensure they are equipped with the necessary tools and training to adopt these systems effectively. Engaging with fintech providers and attending workshops can offer insights into best practices. Furthermore, integrating digital payments into their operations can also enhance customer satisfaction and engagement, fostering loyalty in an increasingly tech-savvy market.

Q5: Looking ahead, what trends should Iraq and its financial sector watch out for in the realm of digital payments?

A5: A few key trends are emerging globally that Iraq’s financial sector should consider. First, mobile payment solutions are rapidly gaining popularity and will likely shape consumer behaviors. Also, blockchain technology has the potential to streamline processes and enhance security in transactions. the rise of fintech startups can disrupt traditional banking models, offering innovative solutions that cater to the younger, tech-savvy population. Iraq must remain adaptable and open to these advancements to stay competitive on a global scale.

Q6: what message would you like to impart to the Iraqi public regarding this transition to digital payment services?

A6: Embrace the change! Transitioning to a digital payment system will elevate the Iraqi economy and forge a path toward modernization. The public should feel empowered to engage with these services, safeguarding their finances and contributing to a more robust economy. As this digital landscape evolves, everyone has a role to play in shaping the future of Iraq’s financial system.

Conclusion

The approval of the digital payment services system in Iraq signifies a crucial turning point for economic development and modernization. With expert insights and a collective commitment to reform, the future of Iraq’s financial landscape appears promising. As the nation embraces a digital economy, stakeholders from all sectors must collaborate to ensure a smooth transition, fostering growth and innovation in this new era.

Keywords: Iraq digital payment services, financial sector modernization in Iraq, UNDP Iraq collaboration, economic growth, fintech innovations in Iraq.

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