Baghdad:The Central Bank of Iraq (CBI) has announced that final approvals for establishing digital banks will be issued in early 2028. The issuance of licenses for these digital banks is dependent on the completion of ongoing banking sector reforms.

According to Iraqi News Agency, Mahmoud Dagher, an advisor to the Governor of the Central Bank of Iraq and spokesperson for the bank, stated that the final approvals for digital bank licenses will be granted upon the conclusion of the banking reform phase by the end of 2027 or the beginning of 2028.

Dagher further explained that entities that have applied to establish digital banks and have received preliminary approvals are informed about the timeline for obtaining these final approvals. The applications are part of the banking reform process, which is being overseen by the global management consulting firm Oliver Wyman.