In Iraq, where cash is still king and many workers are reluctant to embrace electronic payments, fintechs can play a significant role in driving forward new systems and new operations. Here are five companies advancing the mobile money landscape in 2024.
1. NassWallet
Licensed by the Central Bank of Iraq, NassWallet was created to provide greater financial access to the largely unbanked but highly connected population of Iraq and help make the leap from cash to a cashless society. The company has been growing rapidly in recent years and in 2022 it reportedly processed over $1 billion in transactions across all its services in Iraq, driven by the increasing popularity of mobile payments in the region.
Additionally, last year, it partnered with IrisGuard to enable a disbursement of humanitarian cash assistance, provided by the UNHCR, to over 280,000 refugees who have fled to Iraq due to neighbouring conflicts. The integration has allowed NassWallet to deploy IrisGuard’s EyePay payment system at multiple sites in Iraq so refugees can easily and securely withdraw aid cash, using only their eyes as their unique identifier to the wallet.
2. AsiaHawala
AsiaHawala, launched in December 2015 as the first mobile money service provider in Iraq, licenced by the Central Bank of Iraq. Powered by Comviva’s mobiquity platform it provides real-time, cost-effective, digital-payments and works by creating a stored value account or a virtual prepaid wallet linked to a user’s mobile number. The mobile number acts as the unique identifier, enabling users to transfer money from one AsiaHawala wallet to another using just the recipient’s mobile number.
With AsiaHawala wallet, customers can transfer money, receive financial-aid, salary, and pension, pay bills and merchants, shop online, top-up mobile and internet connection and purchase e-vouchers, among a wide range of financial services.
3. Zain Cash
Zain Cash can count itself as another pioneer of mobile money in Iraq, having gone live in 2016. Enhancing its credibility, it is offered by Iraq Wallet, which is an authorised company from the Central Bank of Iraq (CBI). The app works by enabling Zain Cash users to have a mobile wallet linked to their SIM card so they seamlessly carry out financial transactions at any time of the day. As revealed by Forbes Middle East, Zain Cash continues to expand its reach in the Iraqi market, recently reaching a landmark 1.2 million app downloads with 10,000 agents supporting its growth nationwide.
4. FastPay
Perhaps best known for its revolutionary founder, Kawa Junad, FastPay was established in 2017, as an app-based mobile wallet platform for consumers and merchants. It eventually reached full operation in 2020, providing deposit & withdrawal services, mobile & internet recharge, online shopping as well as the ability to send and receive money.
Junad has a string of achievements to his name having founded Newroz Telecom, the first telecom company to provide interconnection to Iraqi borders and internet connectivity to Kurdistan. He also went on to establish Iraq’s first digital banking platform, First Iraqi Bank (FIB), which taps into an array of the most advanced technologies from the region and further afield.
5. NeoPay Iraq
Founded in 2018, NeoPay says it is on a mission to help every Iraqi citizen get digital payments. In doing that, it is playing a significant role by issuing both virtual and physical prepaid cards thorugh the NeoPay mobile app, allowing Iraqis to purchase online via websites, mobile applications, and point-of-sale (POS) devices. This company is another one that has been making headway in recent times, reportedly generating $400 million in transactions in 2023. Additionally, recent figures show up it has now reached 100,000 active users and 300,000 app downloads, further highlighting the potential growth opportunity for e-money services in Iraq.
