Rafidain Bank Reports Significant Growth in Electronic Collections for 2024
On Sunday, Rafidain Government Bank disclosed that it has surpassed 6.06 trillion Iraqi dinars in electronic collections for the year 2024, marking a notable increase beginning from the year’s outset.
In an official statement, the Department of Government Integrity at Rafidain Bank highlighted "unprecedented growth in electronic collection settlements across state department accounts during 2024." The bank noted the accelerated pace of collections facilitated by electronic payment companies, underscoring the considerable progress in adopting digital systems for managing government revenues.
According to statistics from Rafidain Bank, the total collections throughout 2024 reached over 6.06 trillion Iraqi dinars, showing a continual rise compared to the early months of the year. September 2024 exhibited the highest growth rate, with total settlements amounting to 838.5 billion dinars, demonstrating an 11.12% increase relative to the previous month.
Looking forward to the beginning of 2025, the trend of strong performance continued, with total collections in January 2025 reaching approximately 707.5 billion dinars, followed by February at 689.2 billion dinars. Government departments have also seen significant advancements in engaging with the electronic collection system, increasing the number of active departments to 1,808 by February, up from 1,395 in December 2024.
Rafidain Bank emphasized that this substantial growth reflects the government’s successful initiatives in fostering digital transformation, reducing cash reliance, and achieving higher levels of transparency and financial efficiency. The bank underscored that the electronic collection system is a critical component in enhancing collection mechanisms and minimizing the risks associated with financial corruption.
Additionally, the bank noted that this transformative leap is part of ongoing efforts to collaborate with government agencies aimed at bolstering the digital economy, enhancing trust in electronic financial transactions, and improving the efficiency of Iraq’s financial sector.
