Digital Payments & Fintech · Iraq
Fintech & digital payments rules in Iraq (2026)
Iraq shaded by its digital payments & fintech status
Iraq operates a dedicated, in-force licensing regime for digital payments under the Central Bank of Iraq (CBI). The Electronic Payment Services Regulation No. (2) of 2024 — published in the Official Gazette on 29 April 2024 and replacing the 2014 framework — requires any provider of electronic payment services to obtain a CBI licence, with defined capital, governance, cybersecurity and AML requirements. The CBI is both the regulator and operator of national payment infrastructure (national switch / instant-payment rails) and has licensed roughly 16 electronic-payment companies; open banking and BNPL exist in the market but are not yet governed by dedicated standalone frameworks.
Key points
Electronic Payment Services Regulation No. (2) of 2024 mandates a CBI licence to provide electronic payment services; licences run for ten years and are renewable. It replaced Regulation No. (3) of 2014 and was published in the Official Gazette on 29 April 2024, with a six-month transition period for existing operators.
The CBI holds exclusive authority to register, license and supervise electronic payment systems. The regulation defines Operators (infrastructure), Participants (licensed financial institutions), Electronic Payment Service Providers, and Agents. The CBI reports having licensed around 16 electronic-payment companies.
Applicants must submit incorporation documents, founder details, proof of solvency, a three-year feasibility study, and meet a minimum capital (reported at IQD 10 billion). The CBI issues a decision within 90 business days, often via a preliminary licence pending completion of technical requirements.
The CBI is building and operating national payment infrastructure, including the Iraqi National Switch and an instant-payment system for 24/7 P2P, retail and online transfers, and is preparing a national payments company to handle the electronic-transactions infrastructure.
In 2025 the CBI issued instructions allowing licensed providers to open e-wallets for small traders and micro-businesses, with in-person registration through agent networks and full KYC/AML compliance, aligned with a National Financial Inclusion Strategy launched May 2025 with the World Bank, Arab Monetary Fund and GIZ.
BNPL products (e.g. 'Salfni', 'Aqsati') and digital-wallet services exist in the market and fall under the general CBI payments/AML perimeter, but Iraq does not yet have standalone, dedicated open-banking or BNPL-specific regulations; these remain emerging areas of the broader digital-transformation drive.
Iraq - other topics
Last verified 5/25/2026 · Orientation, not legal advice - verify against the primary sources linked above. Explore the full world map →