The country is taking significant steps forward. Iraq is developing its financial inclusion, as only 23% of Iraqis aged 15 and above held an account with a financial institution in 2017, according to the World Bank. The IMF also recorded that fewer than 30% of Iraqis received any deposits into their account and digital technology to make payments also remains lower compared to peer countries.
Now around 7 million of Iraqis are starting to receive welfare benefits or public sector salaries electronically. Greater digitization is also pivot for the country to accommodate the growing use of e-commerce.
Our team at Market Research Iraq is committed to supporting clients with financial advisory services in various areas, including corporate banking, retail banking, treasury, wealth and risk management, and also digital banking. Our consultants have deep market knowledge and will help clients to address complex business challenges in the industry.