The global landscape is evolving towards a more sophisticated digital framework that fosters artificial intelligence and delivers superior services to customers both domestically and internationally, promoting competition and accelerating the enhancement of digital infrastructure around the world. This research aims to assess the development of electronic payment services in Iraq and investigate whether they have made significant progress that aligns with the Central Bank of Iraq's strategy for financial inclusion and stability, which is a crucial step towards encouraging banks and other financial institutions to cooperate and collaborate in enhancing financial access and investing capital in local production sectors. The study posits that the advancement of electronic payment services is adequate to improve the efficiency of Iraqi banks in utilizing funds to bolster the local economy. The findings indicated that electronic payment services in Iraq were limited during the research timeframe. The research recommended that the Central Bank of Iraq regularly assess digital banking performance, focusing on the implementation of digital cybersecurity measures and protection standards, the ongoing enhancement of digital functionalities and services, and their incorporation into the annual evaluations of these banks. It also urged other economic institutions to embrace advanced digital transformation across all commercial, production, and other operations.
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