THE ROLE OF PRIVATE BANKS IN PROMOTING FINANCIAL INCLUSION IN IRAQ: THE IRAQI NATIONAL BANK AS A CASE STUDY

Abstract

This research aims to shed light on the role that private banks play in promoting financial inclusion in Iraq, with the National Bank of Iraq as a case study. The importance of the study lies in the key element of financial inclusion in bringing about economic and social development, through the integration of groups not covered by the formal financial system. As a matter of fact, the research delved into the most prominent financial and banking services provided by the National Bank and the extent of its contribution to reaching out to marginalized groups and expanding the base of those dealing with the banking sector, in addition to the challenges facing private banks in this area. It is worth noting that the study brought to light that the National Bank of Iraq played a growing role in building up banking culture, paving the way for the opening of accounts, and providing accessible electronic services. However, more organizational and technical support is called for to build upon this role. All things considered, the findings point toward the necessity of coordinated efforts to bridge the gap between financial institutions and underserved populations.