As technology continues to reshape the financial landscape, digital banking is gaining momentum in the country, transforming how people access and manage their finances. In this digital age, First Iraqi Bank, better known as FIB, emerges as a leading bank in the region, offering a comprehensive suite of digital banking solutions that cater to customers' evolving needs.

FIB recognizes the growing demand for convenient and secure banking services and has positioned itself at the forefront of this digital revolution. Customers can onboard themselves in less than five minutes through an eKYC process and effortlessly perform various financial transactions anytime, anywhere through FIB’s user-friendly mobile banking app and online banking platform.

FIB provides a full scope of banking services and completes the customer experience by assigning each user an International Bank Number (IBAN) to allow cross-border transactions. 

One of the key advantages of FIB is its commitment to ensuring a seamless and secure banking experience. The bank has implemented robust security measures, including encryption technology and multi-factor authentication, to safeguard customer data and protect against unauthorized access. 

Embracing new financial technologies

FIB combines all the latest technology in banking and payment solutions from other progressive countries in one digital banking platform. It utilizes how digital banking is done, including bank-to-bank payment through QR code scanning. Increasing the utilization of QR code payments is a crucial goal for the future when it comes to domestic transactions.  

FIB’s long-term goal is to bring financial freedom to the citizens by introducing a direct payment-processing system with fewer or close to no third parties involved. This is another innovation, especially for the country and other countries that heavily rely on third parties to process merchant payments. 

In the meantime, FIB recently partnered with Visa, enabling instant money transfers through the FIB mobile application to other banks worldwide using Visa cards. Implementing the Visa Direct system improves the efficiency and transparency of the transfer process for all citizens.

The transition from a cash-based economy to digital banking will take time, and FIB constantly works on accommodating people with knowledge and customer service to make the process smooth and showcase the advantages of the digital financial ecosystem. With the help of the government, FIB is sure that promoting a digital banking option for its citizens will facilitate their financial advancement and freedom. 

With FIB's innovative technologies, professional team, and government support, citizens will have the ability to experience all the benefits of a cashless society in the upcoming years. The local government has implemented various laws and regulations to create confidence in this emerging sector and ensure consumer protection.

The Central Bank of Iraq (CBI) is the primary regulatory authority overseeing digital banking activities in the country. In 2020, the CBI issued guidelines tailored explicitly to digital banking operations, which address key aspects such as licensing requirements, capital adequacy, risk management, customer data protection, and cybersecurity measures.

To promote financial inclusion, the CBI encourages banks to offer digital banking services and actively engages in initiatives to enhance the digital infrastructure.

FIB’s technological advancements can easily integrate through API with the new KRG’s e-government system to make it easy and transparent when doing things like paying government employee salaries. 

FIB's availability across the country and the Middle East region is a necessary stepping stone to accelerate the country’s digital banking industry. The country's economy is rising again, encouraging the local government to develop new and enhanced policies. This will inevitably attract companies to invest in the country and take advantage of the potential of the country’s economy to be one of the strongest in the world. 

FIB: “Why carry cash when you can have a bank in your pocket?”