The MENA Fintech Association (MFTA), the leading not-for-profit organization dedicated to fostering fintech innovation and collaboration across the Middle East and Africa, today announced the launch of its Iraq Chapter. Mr. Bahaa Abdul Hadi, a distinguished Iraqi-Canadian entrepreneur and fintech pioneer, has been appointed as the Chapter Chair, bringing his extensive expertise and vision to drive digital financial transformation in Iraq and foster international compliance in Iraq.
Bahaa Abdul Hadi will lead the association’s initiatives in Iraq, focusing on accelerating fintech adoption, fostering collaboration, and supporting the country’s evolving financial risk and compliance infrastructure.
A Vision for a Digital Iraq
Iraq’s financial sector is witnessing a wave of transformation, driven by digital banking initiatives, mobile payments, and fintech innovation, and fueled by economic reforms, increasing financial inclusion, and rapid digital adoption. The introduction of the Digital Payment Regulation No.2 of 2024, aiming to reduce cash dependency, increase transparency, and drive greater adoption of digital payment tools, marks a significant leap towards a cashless economy.
Backed by the Central Bank of Iraq (CBI), and United Nations Development Programme (UNDP), this regulation is designed to modernize Iraq’s financial infrastructure, enhance financial inclusion, and align with international best practices.
The total volume of digital transactions in Iraq surged from 2.6 trillion to 7.6 trillion Iraqi Dinars within a year, reflecting growing trust and adoption of digital finance.
The launch of the MFTA Iraq Chapter comes at a pivotal time when the nation is embracing 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.
Mr. Bahaa Abdul Hadi, a visionary leader and fintech advocate, has played a crucial role in shaping Iraq’s digital financial sector. As the co-founder of International Smart Card (ISC) in 2009, he introduced 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 has become a cornerstone of 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. Through the MFTA Iraq Chapter, we are creating an ecosystem that fosters innovation, collaboration, and financial empowerment,” said Bahaa Abdul Hadi, Chair of MFTA Iraq. “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 Role of MFTA Iraq
With Iraq undergoing economic diversification and digital transformation, the MFTA Iraq Chapter will play a vital role in accelerating fintech collaboration through key initiatives:
Promoting Innovation
Strengthening Collaboration
Enhancing Financial Literacy
Supporting Regulatory Advancements
Fintech for the Good
With a community of 22,000+ members spanning the UAE, Bahrain, Saudi Arabia, Oman, Qatar, Egypt, Morocco, and Ivory Coast, MFTA is playing an increasingly pivotal role in shaping digital banking policy, regulatory engagement, and market development. Through its dedicated country chapters – including MFTA BAHRAIN, MFTA SAUDI, MFTA QATAR, and MFTA AFRICA – MFTA ensures MENA’s fintech ecosystem remains globally competitive and innovation-driven.
The country chapter will unveil its 2025 roadmap in the coming weeks, detailing strategic initiatives focused on regulatory modernization, digital banking infrastructure development, and fintech for the good.
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.”
“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. MFTA is committed to ensuring fintech innovation in Iraq is recognized, scaled, and aligned with global financial trends”, Nameer Khan added.
The MFTA Iraq Chapter is set to play a crucial role in shaping the future of financial services in Iraq. With a strong focus on digital innovation, regulatory collaboration, compliance and financial inclusion, the chapter aims to drive economic growth and position Iraq as a fintech powerhouse in the region.
