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The Central announces the launch of the digital enrollment service


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The Central announces the launch of the digital enrollment service
 
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Central Bank of Iraq logo
https://economy-news.net/content.php?id=23984

 Banks


Economy News - Baghdad

The Central Bank of Iraq announced, on Sunday, the launch of the digital enrollment service, which is the first of its kind in Iraq and the region.

" Digital enrollment is an integrated digital financial system that enhances financial independence and liberation from traditional financial systems, " the Central Bank said in a statement received by Al-Eqtisad News .

He pointed out that this system "works to transform Iraq into a country that is less dependent on cash, which enables the state to fight corruption, evasion and bureaucracy in financial dealings within banks operating in Iraq."

He pointed out that the service is "a modern and different trend because of its many advantages, including conducting financial operations in a modern digital electronic form, which shortens time and geographical distances and raises traditional barriers in the Iraqi banking sector."

 

"

 
Number of observations 57   Date added 02/07/2021
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The Central Bank launches the first financial service of its kind in Iraq and the region
  
{Baghdad: Al Furat News} The Central Bank of Iraq announced the launch of the digital enrollment service, which is the first of its kind in Iraq and the region.

A bank statement said that the Euphrates News Agency received a copy of it, "Digital enrollment is an integrated digital financial system that enhances financial independence and freedom from traditional financial systems, as it works to transform Iraq into a country less dependent on cash, which enables the state to fight corruption, evasion and bureaucracy in Financial transactions within banks operating in Iraq. "

He explained, "This service is considered a modern and different trend due to its many advantages, including conducting financial operations in a modern digital electronic form, which reduces time and geographical distances and raises traditional barriers in the Iraqi banking sector."

Ammar Al-Masoudi

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The Iraqi Central Bank launches a service to enhance financial liberalization and fight corruption in financial transactions

The Iraqi Central Bank launches a service to enhance financial liberalization and fight corruption in financial transactions
The Central Bank of Iraq
 

Riyadh - Mubasher: The Central Bank of Iraq launched, today, Sunday, the digital enrollment service, which is the first of its kind in Iraq and the region.

In a statement, the central bank explained that digital enrollment is an integrated digital financial system that enhances financial independence and freedom from traditional financial systems.

The central added that the system is working to transform Iraq into a country that is less dependent on cash, which enables the state to fight corruption, evasion and bureaucracy in financial dealings within banks operating in Iraq.

The Central Bank emphasized that this service is considered a modern and different trend due to its many advantages. Including conducting financial operations in a modern digital electronic form, which reduces time and geographical distances and raises traditional barriers in the Iraqi banking sector.

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Thanks Laid Back, Digital Dinar, what a concept!! Ladies and Gentlemen, citizens of Iraq, please insert your chunky money into the envelope and send it into your local Bank where an account will be established in your name and your chunky money will become Digital Dinars!

Everybody Banked and chunky money problem solved... coming to a country near YOU!! :o

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2 hours ago, Laid Back said:

From a cash society to an electronic society. This will help to reduce the amount of cash in circulation.

 

Go digital enrollment service
Go RV

Go 2021

Bad for Americans, Great for Iraqi’s !!😃

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59 minutes ago, jcfrag said:

Bad for Americans, Great for Iraqi’s !!😃

 

if u dont mind jcfrag , i always like knowing others opinions ..

so how is cbi digital enrollment service bad for americans . cheers

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Digital currencies in general. The reason it will work tremendously in Iraq's favor is because digital currency is a whole other level of security for most any government. Far more able to control it, track it, don't have to worry about old bills. I'm not such a big fan of the government controlling it here in the USA because of the Federal Reserve. Get rid of those jack asses and I will certainly feel much safer holding US digital currency. ! 😉

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6 hours ago, 64jaguar said:

coming to a country near YOU!

 

5 hours ago, jcfrag said:

From a cash society to an electronic society. 

Watch for the upswing in black market operations here in the US. CASH TRANSACTIONS ARE ALREADY UNDER MORE INTENSE SCRUTIY, EVEN IF IT IS PERFECTLY LEGAL. a DIGITAL SOCIETY IS THE PERFECT SOCIETY FOR CONTROLLING THE MASSES, WE ALREADY HAVE TOO MUCH TRUST AND FAITH IN OUR HIGH TECH SOCIETY, iF YOU'VE BEEN PAYING ATTENTION, YOU MAY HAVE NOTICED THAT ALL THOSE COMPUTER SYSTEMS ARE SUSCEPTIBLE TO HACKING AND COORUPTION...MAY i PRESENT EXIBIT 1 -  DOMINION VOTING MACHINES. eVEN HEART PACE MAKERS CAN BE HACKED AND DRIVE YOUR HEART INTO OVERDRIVE WITH THE RIGHT KEYSTROKES.bUT THE MARKETING SAYS IT IS ALL PERFECTLY SAFE AND GOOD.   BAAAAA   BAAAAAA

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The Central launches the digital enrollment service

 
 
Baghdad: Morning
 
Yesterday, the Central Bank of Iraq launched the digital enrollment service, which is the first of its kind in Iraq and the region, while the Rafidain Bank began disbursing instant advances. 
A bank statement said, "Digital enrollment is an integrated digital financial system that enhances financial independence and liberation from traditional financial systems, as it works to transform Iraq into a country less dependent on cash, which enables the state to fight corruption, evasion and bureaucracy in financial dealings within banks operating in Iraq." .
The statement explained, "This service is a modern and different trend because of its many advantages, including conducting financial operations in a modern digital electronic form, which reduces time and geographical distances and raises traditional barriers in the Iraqi banking sector."
Meanwhile, Al-Rafidain Bank began disbursing immediate advances in Baghdad and the provinces.
A statement by the bank indicated that it "has begun to disburse immediate advances in its branches in Baghdad and the provinces."
Meanwhile, Rasheed Bank revealed the conditions for granting personal advances to employees of the Ministries of Defense, Interior and National Security.
The bank’s statement said, "The grant decision is without the resettlement condition."
He pointed out that “the instructions that were laid included that the person requesting the advance must be affixed to the permanent owner, and that he was not owed a previous advance that was not fully paid granted by our bank on the date of submitting the application for obtaining the advance, and that the age of the advance payment applicant does not exceed the legal age established by the law of service included in it at the end The term of the advance, the amount of the advance (5/8/10) million dinars, according to the limits of the net salary, and the period of the advance (5) years, with an interest of 5 percent, calculated using the straight-line method and paid in monthly installments.
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Warnings of public tendency to trade cryptocurrencies

 
 Baghdad: Mustafa Al-Hashemi
 

At a time when the Central Bank launched the digital enrollment service, which is the first of its kind in Iraq and the region, a specialist in economic affairs warned against the public adopting wrong digital concepts such as dealing with Bitcoin and other cryptocurrencies, because the Central Bank had warned that it contained risks and suspicions of money laundering. A statement by the Central Bank, a copy of which was received by Al-Sabah, stated that “digital enrollment is an integrated digital financial system that enhances financial independence and freedom from traditional financial systems,” indicating that the system “works to transform Iraq into a country less dependent on cash, which enables it to fight corruption and evasion. And bureaucracy in financial dealings within banks operating in the country.

The statement revealed that this service is a modern and different trend because of its many advantages, including conducting financial operations in a modern digital electronic form, which reduces time and geographical distances and raises traditional barriers in the Iraqi banking sector.

On the other hand, websites spread for companies promoting dealings in virtual currencies, such as Bitcoin, Ethereum and other cryptocurrencies that the rest of the countries deal with.
On the other hand, the specialist in economic affairs, Nashwan Emad, explained to “Al-Sabah” that “there are websites for small offices or companies scattered in the Kurdistan region, and some other provinces secretly, that receive those wishing to deal in these currencies, despite the Central Bank’s warnings against subjecting dealers to the provisions of the Anti-Law Money laundering".
He said, "Bitcoin is a virtual electronic currency that trades online only, without a physical presence, and is not issued by any central bank in the world. It is used for online purchases and supports payment using Bitcoin cards or may be converted to traditional currencies in some cases." A Central Bank statement issued in 2017 warned against dealing with Bitcoin because it contains many risks that may arise from its circulation, especially with regard to electronic piracy and fraud. Those dealing in it are subject to the provisions of Money Laundering Law No. (39) of 2015 and the relevant laws in this regard
In turn, the specialist in economic affairs, Adel Al-Fattal, told “Al-Sabah” “The need to tighten control over such companies, and alert the public to the dangers of dealing in digital currencies, because the lowest amount accepted by these companies is $ 500 and is designated for opening an account and appointing a financial intermediary to direct the customer to buy or sell. According to the market movement, a rate of 30 percent will be deducted from them as service fees for these companies.
Al-Fattal endorsed “the central bank’s approach to launch a new financial service that is the first in the country, as it is an integrated digital financial system that strengthens financial independence and freedom from traditional systems,” calling at the same time to “adopt awareness campaigns that warn the public of the consequences of dealing in cryptocurrencies as they do not exist physically (physically) It has, in addition to its potential for money laundering and terrorist financing.
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Here's a link to an news article talking about Iraq wanting to eventually move to an electronic banking service and away from a cash economy.   What's everyone's thoughts about this going forward?   Will it have any effect on the RV'g of the dinar, good or bad?   Before the RV?   After the RV?   I'm posting this for a friend/fellow DV member - we'd both like any feedback on this article please.  

 

New electronic banking service seeks to move Iraq away from cash economy

07-02-2021
BUSINESS An Iraqi citizen holding a unit of the country's official currency. Photo: AFP
An Iraqi citizen holding a unit of the country's official currency. Photo: AFP

 

ERBIL, Kurdistan Region — The Iraqi Central Bank announced on Sunday that it has given permission for a “first of its kind” electronic banking service to be rolled out in Iraq over the next few years. The new service seeks to revolutionize the way Iraqis spend money by providing an alternative to the cash economy currently prevalent across the country, including the Kurdistan Region, its founder tells Rudaw English. 

Established by Iraqi entrepreneur Kawa Rekani six months ago, First Iraqi Bank is the sole bank to get permission to operate such a service, allowing customers to perform financial transactions online or through their mobile device with ease rather than through cash payments.

Unlike Qi Card, a service that has been touted as Iraq’s first step toward electronic banking, customers will not have to retrieve cash at any point.

“This is not just a bank; it is a new financial system for the whole of Iraq and will change the Iraqi economy,” Rekani told Rudaw English via WhatsApp from Dubai on Saturday. “In Iraq everything is in cash, we aim to work in a way that from now until the next three years, there would be an 80% of the population that rely on electronic payment. So the money transfer would be from phone to phone.”

First Iraqi Bank’s service is based on an application that acts as a mobile wallet and can be downloaded by customers on both IOS and android devices, allowing to transfer money from one mobile phone to another 24 hours a day. The application will be in app stores in mid-March.

Only 23 percent of Iraqi households have access to an account at a financial institution, one of the lowest levels in the Arab world, according to data from the World Bank.  Most companies in Iraq still operate in cash, with only 26 percent using the formal banking system. Roughly 98% of employers pay in hard currency and nearly half pay their suppliers that way.
 
The Iraqi banking system riddled with bureaucracy only allows for citizens to open bank accounts in person and only after offering documents and going through a cumbersome process. However, Rekani who has been active in the telecommunication and banking system for over two decades believes that this new method would do away with the red tape.

He says that his service will dramatically simplify the process of opening an account, where customers only have to download the application and then scan either their passport or the national ID. The company has paired up with a Los-Angeles based Acuant, to verify the documents and check them against a database for possible money laundering and terrorism financing offenses. Once completing the process successfully, customers will receive a standard International Bank Account Number (IBAN).
 
The idea of starting an electronic banking service has been an ambition for Rekani for a long while, but in 2015, following the financial crisis that struck the Kurdistan Region after the central government stopped paying the share of the Kurdistan Regional Government (KRG) from the national budget due to perennial disagreements, the issue became more urgent. The KRG took an unprecedented action of seizing money deposited in local banks to pay the salaries of the bloated civil service and fund an existential war that was raging along 1,050 kilometers against the militants of the Islamic State (ISIS) group. Trust in the local banking system received a huge blow following the seizure.

To look into the market, Rekani says his company surveyed around 1,000 merchants in Iraq and the Kurdistan Region, and concluded that the overwhelming majority of the merchants were not in favour of the credit card system that entailed a processing fee. “The moment the processing fee was mentioned the merchants opted for the cash transactions,” Junaid said of the 2017 survey. “The Visa and Mastercard system do not work because of the processing fees.”

“The current economic crisis in the country is partly due to the cash economy, you can’t pay the salaries of civil servants until you sell oil and then the money has to be repatriated to Iraq and then converted into dinar and then distribute it into other banks, hence the delay,” Rekani told Rudaw English. “Even the United States would struggle to undertake such an operation.”

It is estimated that more than two billion people in the world do not have bank accounts.  Similar projects as part of a growing financial technology (FinTech) have been hugely successful across the world in countries where the cash economy was entrenched. In Kenya, M-Pesa, a mobile phone-based money transfer, payments and financing service launched in 2007 has expanded into neighboring countries. 

The bank will also provide up to 35% of civil servants salaries as loans on a monthly basis if they register with the bank, Rekani said. The bank could also offer installments to customers from merchants that decide to bank with the First Iraqi Bank.

“We place a lot of emphasis on merchants like the shopkeepers to accept this [method].  This method will make sure that emphasis is not on cash. And if the reliance on cash is reduced, it would benefit Iraqi and Kurdistan economy a lot."

Once the Iraqi government accepts to pay the salaries into the electronic banking system and enough businesses accept the new method, the entrepreneur says, the need for cash in circulation, by in large, will disappear. 

 

https://www.rudaw.net/english/middleeast/iraq/07022021

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On 2/7/2021 at 12:00 PM, DinarThug said:

LINK

Digital enrollment service launched
image.jpeg.25a7491b2def4ff951cef68df3caf92d.jpeg
 

7th February, 2021

 

The Central Bank of Iraq announces the launch of the digital enrollment service, which is the first of its kind in Iraq and the region.

Digital enrollment is an integrated digital financial system that enhances financial independence and liberation from traditional financial systems, as it works to transform Iraq into a country less dependent on cash, which enables the state to fight corruption, evasion and bureaucracy in financial dealings within banks operating in Iraq.

This service is considered a modern and different trend due to its many advantages, including conducting financial operations in a modern digital electronic form, which reduces time and geographical distances and raises the traditional barriers in the Iraqi banking sector.
 
The Central Bank of Iraq,
7 February 2021

 

###############


LINK 

The Central announces the launch of the digital enrollment service   

15179.jpg

 

24 minutes ago, paperboy said:

we'd both like any feedback on this article please.


Here’s Some Things Above On It Paperboy ! ;) 
 

 

Btw - How Did Weegie Do Taking Over For U While U Were On Vacation ? :o 

 

7moN.gif
 

:D  :D  :D 

 

:D  :D  :D 

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@DinarThug  Ouch!  When I got back from vacation, I saw that Weegie was walking very gingerly up to my front door (to get his pay for sub'g for me), but he didn't tell me that he completely flipped out on me.   Of course, I should have known he did.   My phone was being blown up by customers gripping about not getting their paper.   He's just NO GOOD as a sub.   I'll have to hire you next time.   LOL   Do you have a bicycle?    :D:P

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15 hours ago, paperboy said:

BUT can you ride a straight line on it?   
 

Going in circles won't get the job done.


Oh Please - Anybody Can Ride In A Straight Line When They’re Sober ! :o 

 

 

But Notice My Sweet Rodeo Clown Moves While “ Deleting The Zero’s “ - And Simultaneously Tooting That Clown Horn In My ‘Free Styling’ Hand For Maximum Points All The Way Up To The 8 Seconds Mark...

 

image.gif.beecba433a49b7a33dcf5aec1bd2c19d.gif

 

:D  :D  :D 

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