Mastercard Partners with Central Bank of Iraq to Advance Digital Payments

Source: IBS Intelligence

Mastercard signed a partnership with the Central Bank of Iraq (CBI) to digitize the country’s payment ecosystem with the aim to boost financial inclusion, encourage socio-economic development, mitigate the risks of a shadow economy and accelerate the growth of a cashless society.

The partnership first aims to build an efficient, reliable, and secure payment ecosystem, starting with the education sector, and expanding into other sectors. This will not only reduce the use of cash, promote the use of digital payments, and increase government revenues, but will also minimize sizeable operational and administrative inefficiencies in the education industry by reducing the overly manual processes.