Population
46.5M
Online population
36.2M
Currency
IQD
Population - 46.5M
At the start of 2024, 71.7% of Iraq’s population lived in urban centres, while 28.3% lived in rural areas.
Internet penetration - 78.7%
There were 36.2M internet users in Iraq at the start of 2024
Currently, the use of FinTech in Iraq is still in its infancy, with limited adoption of digital banking services. According to a World Bank report, only 11% of adults in Iraq have a bank account, and only 1% of adults have access to formal credit.
<aside> ✨ Iraq Vision 2030 Iraq, a nation with a rich history, has faced significant challenges due to wars and conflicts. However, with the launch of Iraq Vision 2030, there's a renewed hope for the future. This visionary plan aims to revive the nation's economy and set it on a path of sustainable development.
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Iraqi FinTech companies, Iraq Wallet (ZainCash Iraq) and NEO Pay Iraq, have clinched spots in Forbes' prestigious Top 50 FinTech Companies in the Middle East, underscoring the burgeoning creativity within Iraq's financial technology sector.
The Iraq Wallet, powered by ZainCash Iraq, secured the 6th spot regionally, while NEO Pay Iraq landed at 35th in the Middle East. The inclusion of Iraq Wallet (ZainCash Iraq) and NEO Pay Iraq in Forbes' esteemed list highlights the transformative impact of fintech on Iraq's financial landscape.
NassWallet, licensed by the Central Bank of Iraq, aims to increase financial access and transition Iraq to a cashless society. It partnered with IrisGuard to facilitate UNHCR humanitarian cash assistance for over 280K refugees using EyePay, a secure eye-based identification system.
AsiaHawala, launched in December 2015 as Iraq's first mobile money service provider, offers real-time, cost-effective digital payments through a virtual prepaid wallet linked to a user's mobile number.
There are 8 government banks, 24 local commercial banks, 30 local islamic banks and 17 branches of foreign commercial banks.
<aside> 🫧 Temenos National Bank of Iraq (NBI), a significant component of the Capital Bank Group, has partnered with Temenos, a Swiss-based software company that specializes in banking and finance software. The strategic partnership between NBI and Temenos was initiated to modernize NBI’s financial services by transitioning from outdated legacy systems to a unified core banking and payments platform. This integration aims to streamline operations, accelerate product development, and enhance customer service capabilities across the Capital Bank Group.
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