On 25 May, the Central Bank of Iraq launched the country’s first National Financial Inclusion Strategy (NFIS) in Baghdad.  

“This strategy represents a pivotal milestone in the path of economic and social development,” said CBI Governor, Ali Mohsen Al-Allaq. “In recent years, Iraq has witnessed significant progress in financial inclusion indicators, supported by structural reforms and the expansion of digital financial services. The Strategy aims to provide appropriate and low-cost financial services, adopt financial technology for banking services, and support financial institutions involved in microfinance.”

“The NFIS is designed to ensure that all Iraqis can access and use quality financial services, and lays a strong foundation for inclusive economic growth,” said AFI’s Director of Policy Programs and Implementation, Dr. Eliki Boletawa. “Its ambitious targets include increasing account ownership to 50% by 2030, halving the gender gap in account ownership, and boosting digital payment usage to 85%.”  

AFI supported Central Bank of Iraq by providing guidance on developing an NFIS, on how to structure and operationalize the NFIS Secretariat, and on how to coordinate and monitor the strategy’s implementation. 

The NFIS will be supported by a comprehensive implementation framework that includes robust governance, continuous monitoring, close cooperation between public and private sector stakeholders, enhancements to financial infrastructure, encouragement of digital innovation, and financial literacy initiatives.