IPBL announces increase of financial inclusion rate
A branch of the Trade Bank of Iraq.
Baghdad (IraqiNews.com) – The Iraqi Private Banks League (IPBL) announced on Sunday that the rate of financial inclusion in Iraq rose to 33.5 percent as a result of the measures taken by the Central Bank of Iraq (CBI) in implementing the financial inclusion strategy.
The financial inclusion is defined as the availability and equality of opportunities to access financial services.
The financial inclusion also refers to a process by which individuals and businesses can access appropriate, affordable, and timely financial products and services such as banking, loan, equity, and insurance products.
Director of the IPBL, Ali Tariq, said that the percentage of financial inclusion increased from 22.5 percent in 2020 to 33.5 percent, according to a press statement cited by the Iraqi News Agency (INA).
This increase represents 49 percent compared to 2020, and it is due to the CBI’s policy that increases bank branches, digital transformation, electronic wallets and ATMs, Tariq explained.
Tariq elaborated that the rise in the financial inclusion rate increased the confidence in the banking sector, thus, it would positively affect the economic growth in general.
Tariq indicated that the number of employees receiving their salaries in bank accounts reached four million employees in 2021, and this increased the number of bank branches to 905.
Tariq confirmed that the increase in the financial inclusion rate is related to the increased financial transactions for individuals or companies, and benefiting from various banking services.
Tariq added that the volume of electronic wallets grew by 71 percent over the past year with a noticeable increase in the volume of deposits and credit provided to various sectors.