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Sudanese issues 16 directives to develop electronic payment systems and services
September 7, 2024
Baghdad / Iraq Observer
Today, Saturday, Prime Minister Muhammad Shiaa Al-Sudani directed a package of measures and directives to be taken to develop electronic payment systems and services and to follow up on their implementation by specialized committees.
A government source told Iraq Observer,
“Within the framework of Prime Minister Muhammad Shiaa Al-Sudani’s continuous follow-up on the development of electronic payment systems and services, and in light of his review of the supervisory field reports related to the implementation of these services in various Iraqi ministries and institutions, he directed that a package of relevant measures be taken with follow-up.” Implemented by specialized committees.”
He added, “The directives were as follows:
1. Directing the Ministry of Planning, in cooperation with the Central Bank of Iraq and the World Bank, to create a national budget allocated to support and develop digital payment systems nationwide.
2. Directing all ministries, including the Central Bank of Iraq, to prepare electronic cash flow statements periodically to ensure financial transparency, determine liquidity and manage risks, which contributes to improving financial planning.
3. Directing ministries and government institutions to establish strategic partnerships with banking and non-banking financial institutions as well as technological institutions and adopt effective action steps for cooperation and exchange of proposals and experiences.
4. Obligating financial and banking institutions to develop their technical and digital systems in accordance with the latest international standards, including strengthening anti-money laundering and anti-fraud systems; This is to ensure operating efficiency, improve the quality of banking services, and achieve full compliance with regulatory controls.
5. Obligating financial and banking institutions to develop cyber protection systems and adopt the cyber resilience document, while strictly adhering to the controls issued by the Central Bank regarding electronic governance, to ensure comprehensive protection of banking systems against cyber threats and to ensure business continuity in light of crises.
6. Directing ministries and government institutions to develop capable government work teams to follow up on electronic payment operations on a daily basis through training and qualification, and through specialized system portals provided by payment service companies.
7. Directing the Ministry of Communications to cooperate with ministries and government institutions to expedite the adoption of the Electronic Signature and Electronic Transactions Law No. 78 of 2012 to comply with the requirements of electronic payment and collection settlements in the Ministry of Finance in cooperation with the Central Bank of Iraq.
8. Instructing the Ministry of Finance to submit a study on the mechanisms for creating intermediary accounts, approved by government institutions as a mechanism for dealing with restricted government accounts to solve the problem of deductions to citizens in the event of failure of financial operations.
9. The Central Bank issues directives to private and government banks to deal transparently and not to discriminate between electronic payment companies.
10. The Central Bank of Iraq prepares what is necessary to cancel prepaid ceilings for cards used locally to ensure wider and more flexible use.
11. Directing ministries and government institutions to establish specialized units within state departments to facilitate financial reconciliation and settlements and resolve disputes resulting from electronic payments, in coordination with banks.
12. Directing the Integrity Commission to intensify oversight of collection points in government departments to ensure transparency and integrity.
13. Directing the Financial Supervision Bureau to develop and legislate administrative and financial updates that are compatible with electronic payment systems and to follow them on an ongoing basis.
14. Emphasis on government institutions and electronic payment service provider companies to implement the paragraphs contained in the electronic collection and collection agreements, and in accordance with the responsibilities of each party contained in those agreements.
15. Directing government banks to complete the activation of the comprehensive banking system to improve financial and administrative performance.
16. Obligating all ministries and government institutions to adopt advanced electronic administrative and accounting systems to enhance efficiency and transparency.
https://observeriraq.net/السوداني-يصدر-16-توجيهاً-لتطوير-أنظمة-وخ/
September 7, 2024
Baghdad / Iraq Observer
Today, Saturday, Prime Minister Muhammad Shiaa Al-Sudani directed a package of measures and directives to be taken to develop electronic payment systems and services and to follow up on their implementation by specialized committees.
A government source told Iraq Observer,
“Within the framework of Prime Minister Muhammad Shiaa Al-Sudani’s continuous follow-up on the development of electronic payment systems and services, and in light of his review of the supervisory field reports related to the implementation of these services in various Iraqi ministries and institutions, he directed that a package of relevant measures be taken with follow-up.” Implemented by specialized committees.”
He added, “The directives were as follows:
1. Directing the Ministry of Planning, in cooperation with the Central Bank of Iraq and the World Bank, to create a national budget allocated to support and develop digital payment systems nationwide.
2. Directing all ministries, including the Central Bank of Iraq, to prepare electronic cash flow statements periodically to ensure financial transparency, determine liquidity and manage risks, which contributes to improving financial planning.
3. Directing ministries and government institutions to establish strategic partnerships with banking and non-banking financial institutions as well as technological institutions and adopt effective action steps for cooperation and exchange of proposals and experiences.
4. Obligating financial and banking institutions to develop their technical and digital systems in accordance with the latest international standards, including strengthening anti-money laundering and anti-fraud systems; This is to ensure operating efficiency, improve the quality of banking services, and achieve full compliance with regulatory controls.
5. Obligating financial and banking institutions to develop cyber protection systems and adopt the cyber resilience document, while strictly adhering to the controls issued by the Central Bank regarding electronic governance, to ensure comprehensive protection of banking systems against cyber threats and to ensure business continuity in light of crises.
6. Directing ministries and government institutions to develop capable government work teams to follow up on electronic payment operations on a daily basis through training and qualification, and through specialized system portals provided by payment service companies.
7. Directing the Ministry of Communications to cooperate with ministries and government institutions to expedite the adoption of the Electronic Signature and Electronic Transactions Law No. 78 of 2012 to comply with the requirements of electronic payment and collection settlements in the Ministry of Finance in cooperation with the Central Bank of Iraq.
8. Instructing the Ministry of Finance to submit a study on the mechanisms for creating intermediary accounts, approved by government institutions as a mechanism for dealing with restricted government accounts to solve the problem of deductions to citizens in the event of failure of financial operations.
9. The Central Bank issues directives to private and government banks to deal transparently and not to discriminate between electronic payment companies.
10. The Central Bank of Iraq prepares what is necessary to cancel prepaid ceilings for cards used locally to ensure wider and more flexible use.
11. Directing ministries and government institutions to establish specialized units within state departments to facilitate financial reconciliation and settlements and resolve disputes resulting from electronic payments, in coordination with banks.
12. Directing the Integrity Commission to intensify oversight of collection points in government departments to ensure transparency and integrity.
13. Directing the Financial Supervision Bureau to develop and legislate administrative and financial updates that are compatible with electronic payment systems and to follow them on an ongoing basis.
14. Emphasis on government institutions and electronic payment service provider companies to implement the paragraphs contained in the electronic collection and collection agreements, and in accordance with the responsibilities of each party contained in those agreements.
15. Directing government banks to complete the activation of the comprehensive banking system to improve financial and administrative performance.
16. Obligating all ministries and government institutions to adopt advanced electronic administrative and accounting systems to enhance efficiency and transparency.
https://observeriraq.net/السوداني-يصدر-16-توجيهاً-لتطوير-أنظمة-وخ/
