Central bank announces licensing conditions for digital payments

BAGHDAD — The Central Bank of Iraq announced on Sunday the criteria for issuing licenses to digital payment service providers, continuing to welcome new applications.

According to the bank’s statement, it outlined the process for licensing digital payment companies, with an ongoing call for submissions.

Applicants are required to have a minimum of three years’ experience in the payments sector, including both founders and key participants. Proposals must detail the potential contributions of the new digital payment service to Iraq’s sector, particularly through the introduction of innovative collection technologies and the provision of unique and practical services to the Iraqi market.

The Central Bank also stressed the importance of including a comprehensive technical feasibility study in the application, showcasing what the prospective licensed entity will offer. The submission must meet the minimum requirements for a digital payment service provider license, in accordance with the regulations set forth in the Electronic Payment Services System.

Applications failing to comply with these specified conditions will be rejected, says the bank.