The MENA Fintech Association (MFTA), a not-for-profit organisation supporting fintech innovation across the Middle East and Africa, has launched its Iraq Chapter.

Bahaa Abdul Hadi, an Iraqi-Canadian entrepreneur and fintech figure, has been appointed as Chapter Chair.

He will lead efforts to advance digital financial services in Iraq and strengthen compliance with international standards.

The launch comes amid a period of rapid change in Iraq’s financial sector, driven by digital banking, mobile payments, and regulatory reform.

The recent introduction of the Central Bank of Iraq’s Digital Payment Regulation No. 2 of 2024 aims to reduce reliance on cash, improve transparency, and encourage broader use of digital payment systems.

Supported by the Central Bank and the United Nations Development Programme, the regulation is part of wider efforts to modernise Iraq’s financial infrastructure and expand access to financial services.

Bahaa Abdul Hadi is known for co-founding International Smart Card (ISC) in 2009, the company behind Qi Card, a biometric payment solution that has played a central role in Iraq’s digital payments landscape.

Under his leadership, ISC has become a key player in promoting financial inclusion and delivering digital services across both public and private sectors.

“The future of Iraq is digital, and fintech is at the heart of this transformation,”

said Abdul Hadi.

“Through the MFTA Iraq Chapter, 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.”

The MENA Fintech Association currently includes over 22,000 members across countries such as the UAE, Bahrain, Saudi Arabia, Oman, Qatar, Egypt, Morocco, and Ivory Coast.

Its country chapters, including MFTA Bahrain, MFTA Saudi, MFTA Qatar, and MFTA Africa, engage with regulators and stakeholders to shape fintech policy and market development across the region.

Nameer Khan, Chairman of the MENA Fintech Association, said:

“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.”

The MFTA Iraq Chapter is expected to release its 2025 roadmap in the coming weeks, outlining its priorities in regulatory development, digital banking, and inclusive finance.

Featured image credit: Edited by Fintech News Middle East, based on image by mrsiraphol via Freepik