Iraq Private Bank League reveals growth of active bank accounts till 2021
First Iraqi Bank. ICS Financial Systems image.
Baghdad (IraqiNews.com) – The Iraq Private Bank League (IPBL) announced on Sunday that the number of active bank accounts reached more than 6.69 million accounts until the end of 2021, according to Nas News.
“The number of active bank accounts until the end of 2021 reached 6.696,657, divided into 2.016.322 current accounts, 3.915.175 saving accounts, 573.205 corporate accounts and 191.55 fixed deposit accounts,” CEO of IPBL, Ali Tariq, said in a statement.
“The growth achieved in the number of bank accounts between 2017 and 2021 reached 392 percent,” Tariq explained.
“The growth is due to reasons such as facilitating the required procedures to open a bank account, increasing bank services, the project launched by the Central Bank of Iraq in coordination with the government to transfer employees’ salaries to their bank accounts, and the growing number of bank branches,” Tariq stated.
Tariq elaborated that the past five years witnessed the highest growth rate in fixed deposit accounts because of the gradual increase in confidence in the banking sector, and the diverse banking services provided to customers.
The CEO of IPBL also indicated that the second rank in terms of growth was for the saving accounts, followed by corporate accounts and current accounts.
Tariq clarified that the percentage of growth in 2021 compared to 2020 was 2 percent for current accounts, 22 percent for corporate accounts, 12 percent for saving accounts and 3 percent for fixed deposit accounts.