Rafidain Bank’s financial inclusion philosophy is rooted in a core principle: access to financial services is a catalyst for economic empowerment and social mobility.
For more than eight decades, Rafidain Bank has been a cornerstone of Iraq’s financial landscape—an institution whose legacy mirrors the nation’s economic evolution, resilience, and aspirations. Today, as Iraq advances toward a modern, transparent, and digitally enabled financial future, Rafidain Bank is redefining its institutional identity and emerging as a regional model for state-owned banking transformation.
Its recent recognition through two prestigious titles from The Global Economics Awards 2025-“Leading Bank for Financial Inclusion in Iraq” and “Best Trade Finance Bank Initiative by a State-Owned Bank – Iraq”, reflects the Bank’s accelerating progress and its strategic commitment to supporting Iraq’s economic rebuilding and global financial integration.
A National Leader in Financial Inclusion
Rafidain Bank’s financial inclusion philosophy is rooted in a core principle: access to financial services is a catalyst for economic empowerment and social mobility. With a network of 164 domestic branches and six international branches, Rafidain Bank represents the largest and most geographically distributed financial institution in Iraq.
Over the past three years, the Bank has implemented a comprehensive national financial inclusion strategy aligned with the Central Bank of Iraq’s directives and international standards. This strategy focuses on extending essential financial services to underserved communities, women, youth, and individuals excluded
from the traditional banking framework.
Key pillars of this strategy include:
- Expansion of digital channels: Introduction of online banking, mobile banking applications, and seamless e-payment gateways integrated with Iraq’s national payments infrastructure.
- Deployment of modern financial products: Smart cards, digital wallets, prepaid solutions, and secure digital remittances.
- Youth entrepreneurship support: Financing programs under national initiatives such as the Riyada loans, empowering young innovators and small-business owners.
- Wider provincial reach: Deployment of ATMs, digital points of service, and targeted branch support in rural and underserved regions.
As a result of these initiatives, Rafidain has significantly increased formal account ownership, strengthened trust in the banking sector, and positioned itself as a spearhead of Iraq’s inclusive financial transformation.
Transforming Iraq’s Trade Finance Ecosystem
Rafidain Bank occupies a central role in Iraq’s cross-border financial activity and international trade ecosystem. Its trade finance operations underpin a wide spectrum of commercial and governmental transactions, making the Bank a vital player in Iraq’s economic resilience and external financial relations.
The Bank’s transformation in this sector is built upon four key pillars:
1. Strengthened Global Compliance Frameworks
In partnership with K2 Integrity, one of the world’s leading AML/CFT and financial integrity firms, Rafidain Bank has significantly enhanced its anti-money laundering controls, OFAC sanctions screening, and trade-based financial crime monitoring systems. This alignment with FATF and global expectations has elevated transparency and reliability across cross-border transactions.
2. Advanced Trade Finance Automation via Core Banking
The Bank’s adoption of Oracle Flexcube represents a major milestone. With the Core Banking system now implemented in 85 domestic branches, and integrated with six international branches, Rafidain has established a unified, secure, and standardized trade finance operating environment. This modernization has reduced operational risk, accelerated processing times, and strengthened compliance.
3. Supporting National Trade Priorities
Rafidain Bank plays a pivotal role in managing sovereign trade operations—including letters of credit, international settlements, and government-backed commercial transactions. Its long-standing collaboration with the Ministry of Finance and global firms such as Hogan Lovells in resolving Iraq’s external debt files demonstrates the Bank’s capacity to conduct complex, high-stakes international engagements.
4. Institutional Restructuring with EY
Working with Ernst & Young (EY), the Bank is undergoing a comprehensive restructuring of its trade finance department, including updates to governance structures, operational procedures, and human-capital capabilities—all aligned with global best practices. Together, these initiatives have positioned Rafidain Bank as an indispensable engine of Iraq’s commercial and economic integration with regional and global markets.
Digital Transformation at Scale
Rafidain Bank’s digital transformation is reshaping the operational backbone of Iraq’s banking sector.
Key achievements include:
- Activation of Core Banking across 85 branches, enhancing process transparency and customer experience.
- Development of Tier III-level data centres, ensuring resilience, cybersecurity, and high availability infrastructure for critical banking operations.
- Expansion of ATM and e-payments networks, supporting Iraq’s transition toward reduced cash dependency.
- Integration of international branches within a consolidated digital ecosystem, enabling more efficient and secure cross-border services.
These advancements support Iraq’s broader digital economy agenda and establish Rafidain Bank as a pioneer in next-generation banking in the region.
Governance, Compliance, and Institutional Resilience
The Bank’s transformation is anchored in a strengthening of institutional governance and risk-management capabilities. Collaborating with the Central Bank of Iraq and multiple global advisory firms, Rafidain Bank has:
- Adopted enhanced AML/CFT policies and automated transaction monitoring systems.
- Fully implemented goAML in accordance with regulatory requirements.
- Reinforced internal audit and quality assurance functions.
- Applied risk-based supervision across both domestic and international branches.
These reforms have fortified institutional credibility and bolstered correspondent banking relationships—an essential pillar for Iraq’s financial reintegration.
A Forward-Looking Vision for Iraq’s Banking Future
As Iraq advances through a new era of economic transformation, Rafidain Bank is positioned to play an even greater role in driving national development. Its strategic vision for 2026 and beyond includes:
- Expanding advanced digital services across all customer segments.
- Strengthening global partnerships and correspondent networks.
- Modernising international branches to meet global regulatory standards.
- Enhancing data-driven decision-making and risk management systems.
- Supporting national priorities in investment, trade, and financial stability.
The Bank’s recent awards confirm not only its progress but its leadership—marking Rafidain Bank as a symbol of trust, reform, modernization, and forward-looking ambition for Iraq’s financial future.
