Baghdad, Iraq – The National Bank of Iraq (NBI) is revolutionizing the banking experience for its customers with an advanced mobile banking application created in collaboration with Codebase Technologies, using their state-of-the-art Digibanc platform. This strategic initiative provides NBI’s customers with seamless, secure, and user-friendly access to a comprehensive range of financial services through their handheld device.

Ayman Abu Dhaim, CEO of the National Bank of Iraq, commented: "Our new mobile banking app represents our unwavering commitment to our customers and our forward-looking vision for the banking sector in Iraq. Our goal is to significantly improve financial experiences in the country and provide industry-leading digital banking services."

The Iraqi banking sector, predominantly cash-based, has faced challenges in digital transformation. According to IPSOS research, 88% of adults in Iraq receive their income in cash, with only 1% through bank transfers. As of early 2024, Iraq has seen significant digital growth, with 36.22 million internet users, representing an internet penetration rate of 78.7% of the total population. Against this backdrop, NBI's new mobile banking app is bridging the gap, promoting digital financial experiences, literacy and inclusion.

The newly launched app has already seen a substantial uptake, with more than 100,000 users already adopting the platform. The app has already achieved more than 43% retention rate, indicating high levels of customer satisfaction and ongoing engagement. This reflects the app's intuitive design and robust functionality, which meets the evolving needs of modern banking customers in Iraq. Leveraging Codebase Technologies' award-winning Digibanc platform, the mobile banking application ensures a secure, scalable, and user-friendly digital banking experience.

Digibanc’s pre-built feature-based components facilitated a swift market launch, enabling NBI to offer its customers the latest in digital banking technology, quickly and efficiently. The mobile banking revamp was run concurrently to National Bank of Iraq’s core banking system upgrade with minimal impact on the the launch timeline, underscoring the flexible and seamless architecture of Digibanc.

Tamer Mauge, Managing Director – MENA at Codebase Technologies, commented: "As the technology partner, we are proud to support the National Bank of Iraq's digital transformation journey. This project underscores the importance of collaborative efforts and showcases the flexibility of our Digibanc platform in integrating seamlessly within complex banking infrastructures."

Customer preferences in the Iraqi banking sector are increasingly shifting towards digital experiences that offer convenience, security, and personalization. The new mobile banking app addresses these preferences, providing features such as instant account access, real-time transaction monitoring, and personalized financial insights. This initiative aligns with global trends in banking, where digital channels are becoming the primary touchpoints for customer interactions.

National Bank of Iraq is positioned as a leader and contributor to Iraq’s bright digital future, driven by significant advancements in its financial sector. The Central Bank of Iraq recently announced the issuance of digital bank licenses, marking a pivotal step towards modernizing the country's banking landscape. This move is expected to foster financial inclusion, enhance customer experience, and stimulate economic growth by leveraging cutting-edge digital technologies. With these licenses, Iraq is set to embrace a new era of digital banking, paving the way for innovative financial services and a more connected, efficient economy.

About National Bank of Iraq

The National Bank of Iraq (NBI), headquartered in Baghdad, was established in 1995 as a public joint-stock company. With a capital of 400 billion Iraqi dinars, equivalent to 305 million US dollars, the bank is a leader among financial institutions in the Iraqi market.

NBI is recognized as one of the top banks in Iraq for its growth in assets, facilities, and deposits. It has received multiple international and local awards for its role in supporting and promoting investment in Iraq. NBI is also the fastest-growing bank in retail banking and salary localization for both the public and private sectors. Additionally, it was named the best commercial bank in Iraq, winning the Iraqi Stock Exchange award in 2021 for its investment support. NBI holds ratings from major financial institutions: Capital Intelligence (BB) and Moody’s (B3), and is rated 'Very Good' by the Central Bank of Iraq.

With a wide network of correspondent banks, NBI serves as a gateway to global economies. It facilitates domestic and international remittances, grants credit facilities, and offers trade finance services. The bank operates thirty branches and has 210 ATMs across Iraq.

Learn more at: Website: https://nbi.iq/

About Codebase Technologies 

Codebase Technologies is one of the world's fastest-growing open API banking solution fintechs. With a vision to "disrupt the way technology is utilized for a greater purpose," the company engineers impactful digital financial experiences for conventional and Islamic banks, fintechs, neobanks, lenders, and startups.

Codebase Technologies has launched several digital, challenger, and neobank financial propositions worldwide with a proven success rate and unparalleled speed to market, exponentially growing as a digital banking technology pioneer in the global banking industry.

The company's award-winning DigibancTM fintech platform is a cloud-enabled, API-driven, and highly adaptable digital banking platform allowing institutions to deliver inclusive digital financial experiences. The platform's open architecture embraces a diverse ecosystem of partners and vendors, driving collaborative experiences across the financial services landscape. Built on a component-based, micro-services architecture, DigibancTM provides a robust and agile environment to launch new financial products and services at speed and scale.

Learn more at:
Website: www.codebtech.com
LinkedIn: https://ae.linkedin.com/company/codebasetechnologies
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Tom Romanski
Brand & Communications Lead
Email: romanski@codebtech.com