Mastercard signs partnership with Central Bank of Iraq

The partnership aims to build a payment ecosystem, starting with the education sector, and expanding into other sectors. This is supposed to reduce the use of cash, promote the use of digital payments, and increase government revenues, while minimising sizeable operational and administrative inefficiencies in the education industry by reducing the manual processes.

According to Trade Arabia, the Mastercard partnership with CBI is a starting point that will allow for the development of a digital ecosystem in Iraq, which will cover key pillars including the use of Public Policy and Regulation to curb the shadow economy, a modernisation of the payment ecosystem, and the digitisation of key value chains.