| Project Detail |
Financial Inclusion for an Economic Restart and Integration in Iraq In Iraq, there is a widespread distrust in financial institutions like banks, leading many people to prefer cash transactions over credit cards or payment methods such as mobile wallets. This lack of trust also extends to savings accounts and loans, which are not commonly used. As a result, less than 20 per cent of adults in Iraq hold a bank account with a formal financial institution, according to the Global Findex Database, 2021. Currently, less than five per cent of micro, small, and medium-sized enterprises use bank lending, The restricted access to loans can prevent businesses from growing because it limits their ability to invest in machinery, develop new products, or hire more staff. Enhancing financial inclusion for businesses and vulnerable populations offers an important opportunity to boost economic growth and improve social well-being in Iraq. Vulnerable population groups and micro, small and medium-sized enterprises make use of financial services, such as payment services, mobile wallets, savings and loans. |
