Banks and mobile operators, including Kuwait’s Zain, in talks over new project
An initiative aiming to strengthen the banking sector and secure funds in Iraq will reportedly allow Iraqis to operate their bank accounts via their mobile phones.
In the war-torn country, only 20% or a fifth of Iraqis have bank accounts, while mobile phones are owned by about 70%.
The AFP reported that the new initiative is a part of a larger project, estimated to cost between $15-20m, to integrate Iraq’s banking system.
The Central Bank of Iraq Governor Sinan al-Shabibi said, "It’s a very important project" towards "increasing the capacities of private banking," adding that the project is expected to be completed in the coming year.
As a part of the project, Iraqis would receive a commission if they use their phones to pay bills or withdraw funds from non-banking agents.
AFP reported that talks are on between banks and mobile phone operators, including Kuwaiti company Zain, to start working on the project.