CBI to meet All Iraqi Banks and E-Payment Service Providers

The Central Bank of Iraq called all Iraqi banks and electronic payment service providers to discuss ATM and POS (Point of Sale). It was based on the role of supervisory from the Bank in order to cover the investment costs for the development of ATMs and point of sale machines and expansion of other services. They achieve the target revenues from the project of settling salaries. The CBI has issued instructions and all Iraqi banks and e-payment service providers should follow these instructions.

CBI to meet All Iraqi Banks and E-Payment Service Providers

All Iraqi banks and card issuers must invest in ATMs and point-of-sale machines in proportion to their ability to issue cards and settle salaries. All licensed companies working as receiver must perform their essential role in the development of ATMs and (POS) points of sale. They should control expansion according to the plans of development responsible for their perfect implementation. There must be a possibility of decreasing the extra-burden of employees pay and use of salaries using e-payment channels Point of Sale and ATM. They should perform these tasks by examining the prices of services of these channels after comparing the available salaries to withdraw.

CBI also said in its instructions that all banks should provide incentive services to employees whose salaries have been settled if you do not withdraw a certain percentage of the amount, including short-term savings and investment accounts. There is a possibility of allowing banks wishing to work in the field of ??collection and distribution points of sale in the shops. It will enable them to win the confidence of traders and open bank accounts and provide possible facilities. It is noteworthy that a trading meeting will take place on Tuesday 23 July 2019 at 11:00 am at the headquarters of Iraqi Central Bank. It will also clarify the plan of CBI for the need to deploy ATMs and POS (point of sale) devices.

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