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Tasks and objectives of the Financial Inclusion Department
March 24, 2024
Definition of financial inclusion: It expresses efforts to expand and improve the access of all segments of society, including individuals and companies, including financially marginalized groups and low-income people, to financial sector services and products, including their integration into banking systems to facilitate their interaction through the use of electronic payment methods and digital technology, which enhances Economic development reduces financial gaps between different groups in society.
Department objectives
Enhancing access, use, and quality of financial services for all segments of society, including financially marginalized groups, to enable them to benefit from economic opportunities.
Promoting the digital transformation of financial services, encouraging modern financial innovations, and adopting technology to improve use, ease of access, and reduce costs through the use of mobile applications, online banking services, and electronic payment methods, with a focus on improving security and enhancing transparency in financial transactions.
Establishing ways to direct the necessary financing to build micro, small, and medium enterprises formally, and reducing their participation in the informal economy in a way that ensures the strengthening of bank financing, the development of guarantee funds, and the encouragement of government and private companies and international organizations.
Promoting development and economic sustainability:
Supporting economic growth through community interaction with financial systems to improve the possibility of investment and expansion and supporting economic sustainability by encouraging the trend towards the digital economy and reliance on technology.
The main tasks of the department
Contribute to identifying, providing and developing modern financial technologies and technological infrastructure necessary to implement and enhance digital financial inclusion.
Searching for the best ways to provide basic bank accounts and other financial services to non-banking groups and marginalized communities, such as current accounts, basic savings accounts, electronic wallets, electronic cards, and electronic payment devices.
Issuing instructions regarding financial and banking services and products, their controls, and protecting consumer rights based on international standards and best practices in this field.
Developing awareness campaigns targeting all segments of society to increase financial awareness and the importance of financial services.
Developing and developing a financial inclusion strategy and integrated operational plans that achieve financial inclusion goals.
Collect and analyze data to measure financial inclusion progress and evaluate the impact and results achieved.
Working with the banking and non-banking financial sector and supporting government and private agencies to develop modern financial technical innovations (FinTech) to attract groups that do not have banking transactions or financial accounts by innovating new financial products that rely on savings, insurance, and modern means of payment, and not just on lending and financing.
Promoting the technology required for micro, small and medium enterprises to encourage them to improve their operations and provide electronic payment methods.
Facilitating access to financing by developing accessible financing systems for micro, small and medium enterprises and obtaining low-interest loans.
Managing and developing the expansion of providing digital financial services. By paying via mobile phones, points of sale, and electronic wallets for collection and collection for government and private agencies, and organizing wholesale and retail sales to the private sector via various electronic payment systems.
Developing and developing a financial inclusion strategy and integrated operational plans that achieve the goals of financial inclusion, through cooperation with the relevant internal bodies in the Central Bank of Iraq and external bodies and identifying initiatives that include programs to enhance access to financial services and financing.
https://cbi.iq/news/view/2535
March 24, 2024
Tasks and objectives of the Financial Inclusion Department
Definition of financial inclusion: It expresses efforts to expand and improve the access of all segments of society, including individuals and companies, including financially marginalized groups and low-income people, to financial sector services and products, including their integration into banking systems to facilitate their interaction through the use of electronic payment methods and digital technology, which enhances Economic development reduces financial gaps between different groups in society.
Department objectives
Enhancing access, use, and quality of financial services for all segments of society, including financially marginalized groups, to enable them to benefit from economic opportunities.
Promoting the digital transformation of financial services, encouraging modern financial innovations, and adopting technology to improve use, ease of access, and reduce costs through the use of mobile applications, online banking services, and electronic payment methods, with a focus on improving security and enhancing transparency in financial transactions.
Establishing ways to direct the necessary financing to build micro, small, and medium enterprises formally, and reducing their participation in the informal economy in a way that ensures the strengthening of bank financing, the development of guarantee funds, and the encouragement of government and private companies and international organizations.
Promoting development and economic sustainability:
Supporting economic growth through community interaction with financial systems to improve the possibility of investment and expansion and supporting economic sustainability by encouraging the trend towards the digital economy and reliance on technology.
The main tasks of the department
Contribute to identifying, providing and developing modern financial technologies and technological infrastructure necessary to implement and enhance digital financial inclusion.
Searching for the best ways to provide basic bank accounts and other financial services to non-banking groups and marginalized communities, such as current accounts, basic savings accounts, electronic wallets, electronic cards, and electronic payment devices.
Issuing instructions regarding financial and banking services and products, their controls, and protecting consumer rights based on international standards and best practices in this field.
Developing awareness campaigns targeting all segments of society to increase financial awareness and the importance of financial services.
Developing and developing a financial inclusion strategy and integrated operational plans that achieve financial inclusion goals.
Collect and analyze data to measure financial inclusion progress and evaluate the impact and results achieved.
Working with the banking and non-banking financial sector and supporting government and private agencies to develop modern financial technical innovations (FinTech) to attract groups that do not have banking transactions or financial accounts by innovating new financial products that rely on savings, insurance, and modern means of payment, and not just on lending and financing.
Promoting the technology required for micro, small and medium enterprises to encourage them to improve their operations and provide electronic payment methods.
Facilitating access to financing by developing accessible financing systems for micro, small and medium enterprises and obtaining low-interest loans.
Managing and developing the expansion of providing digital financial services. By paying via mobile phones, points of sale, and electronic wallets for collection and collection for government and private agencies, and organizing wholesale and retail sales to the private sector via various electronic payment systems.
Developing and developing a financial inclusion strategy and integrated operational plans that achieve the goals of financial inclusion, through cooperation with the relevant internal bodies in the Central Bank of Iraq and external bodies and identifying initiatives that include programs to enhance access to financial services and financing.
https://cbi.iq/news/view/2535
