The MENA Fintech Association (MFTA), the not-for-profit organisation dedicated to fostering fintech innovation and collaboration across the Middle East and Africa, has launched in Iraq.
MENA Fintech Association Iraq will look to help accelerate fintech collaboration by promoting innovation, strengthening collaboration, enhancing financial literacy, and supporting regulatory advancements.
The launch comes as Iraq undergoes economic diversification and digital transformation. Digital banking initiatives, mobile payments, fintech innovation, and economic reforms, have all had a hand in increasing financial inclusion and digital adoption across the country.
The total volume of digital transactions in Iraq surged from 2.6trillion to 7.6trillion Iraqi Dinars within a year, reflecting growing trust and adoption of digital finance.
Bahaa Abdul Hadi, an Iraqi-Canadian entrepreneur and fintech pioneer, will lead the association’s initiatives in Iraq as the Chapter Chair, focusing on accelerating fintech adoption, fostering collaboration, and supporting the country’s evolving financial risk and compliance infrastructure.
As the co-founder of International Smart Card (ISC) in 2009, Abdul Hadi introduced a flagship Qi Card, a pioneering biometric payment solution that transformed Iraq’s financial landscape by offering secure and efficient digital transactions. Under his leadership, ISC now plays a significant role in Iraq’s fintech ecosystem, serving both public and private sector partners while driving financial inclusion for millions of Iraqis.
“The future of Iraq is digital, and fintech is at the heart of this transformation,” he explained. “Through MFTA Iraq, we are creating an ecosystem that fosters innovation, collaboration, and financial empowerment. By working closely with regulators, financial institutions, and technology innovators, we aim to drive the adoption of secure and efficient digital payment solutions that serve the needs of the Iraqi people and businesses.”
Driving digital adoption in Iraq
New Digital Payment Regulations were recently introduced in Iraq, aiming to reduce cash dependency, increase transparency, and drive greater adoption of digital payment tools, marking a significant leap towards a cashless economy.
Backed by the Central Bank of Iraq (CBI) and the United Nations Development Programme (UNDP), this regulation will look to modernise Iraq’s financial infrastructure, enhance financial inclusion, and align with international best practices.
The launch of MFTA Iraq comes as Iraq embraces financial technology as a key enabler of economic stability and growth. With fintech investments on the rise, supported by regulatory advancements and a growing digital economy, Iraq is poised to emerge as a leading fintech hub in the region.
It plans to unveil its 2025 roadmap in the coming weeks, detailing strategic initiatives focused on regulatory modernisation, digital banking infrastructure development, and using fintech for the good.
Nameer Khan, chairman of the MENA Fintech Association, also commented: “Iraq’s fintech transformation is a pivotal step toward a digitally inclusive and resilient economy. The launch of MFTA Iraq is more than expansion — it is about positioning Iraq as a key player in the region’s fintech evolution. With increasing digital adoption and regulatory progress, Iraq has an opportunity to leapfrog into a thriving fintech hub.
“MFTA Iraq, under the visionary stewardship of Bahaa Abdul Hadi, will drive regulatory dialogue, foster public-private partnerships, and embed fintech into Iraq’s financial future. This is about economic empowerment, cross-border trade, and integrating Iraq into MENA’s fintech landscape.”
