2017/12/28 (00:01 PM) - Number of readings: 14 - Number (4099)
Rafidain launches the ATM service for the first time
Baghdad / Zahraa al-Jassim
For the first time, Rafidain Bank launched an electronic ATM to withdraw money from any place, which is considered by an economist as an important step in the right direction, albeit small, while stressing that it will reduce the costs and time spent by the customer to deal with banks, and reduce the need of citizens to accumulate funds in homes, Pointed out that the Central Bank is preparing for a large and comprehensive program for the dissemination of electronic means in the banking sector.
On 5-12-2016, the Central Bank of Iraq (CBE) launched the National Bank, which allows the credit card holder issued by any government and private bank to withdraw money from any ATM machine spread throughout the country.
While this credit mechanism was applied to the Iraqi Trade Bank and four private banks Baghdad, the Middle East, Ashur and Al Ahli, but did not implement them in the bank of Rashid and Rafidain, where criticized the experts in the money and economics, especially since the world started to operate this service since the start of the ATM.
Al-Madaa Bank has announced the opening of an international ATM service center to provide excellent banking services to citizens and employees for the purpose of withdrawing their funds when needed.
"This step also limits the risk of different segments Of citizens to thefts that the money they carry through this card will not be visible."
"The Central Bank has for some time adopted a program to disseminate electronic means in payments," said economist Ahmed Breihi. "The Rafidain Bank was basically a supporter of this program.
The Central Bank is continuing to use more electronic means in the sector.
The bank, as it is considered important and worthy of attention, we see that the intention with the so-called reduction of the time required to deal with banks and reduce the time of transactions, which means converting the currency Cache for electronic transactions security,
it also facilitates the conversion of currency to another currency, not to mention the pace of transfers in B N accounts, all of these operations gradually take place electronically concatenate, and consequently reduced costs.
The Iraqi market is characterized by a small number of citizens who have bank accounts, which gives banks a large margin to attract thousands of customers, especially as Iraqis are looking for a full package of services ranging from current accounts to insurance services and mortgages, which are not in the Iraqi market offers many On the other hand, where many citizens were seeking to deposit their money in private banks.
He pointed out that this step also has other results.
When a person has access to the currency at any time, he should reduce his need to retain it, P Al-Mada newspaper, which focused most of its reports on the need to reduce the retention of the currency in favor of increasing the balances of bank accounts, and Al-Mada had many reports that urged the banking sector to deal with electronic systems.
"Yes, it's a small step in a big program to develop the banking sector, but the big steps for the development of the economy are the accumulation of steps, albeit small, but the overall result will be great. Everyone would say that bank customers spend a lot of time in their reviews.
Al-Rafidain Bank said in a statement that it launched the ATM service in Iraq, and that it will be through the adoption of the electronic payment card (Master Card and other payment card) held by the citizen to withdraw his money anywhere.
The Master Card is a global card issued in cooperation with various economic institutions. It is distributed under the MasterCard brand, which is one of the three major brands of cards approved worldwide.
The credit granted to cardholders is controlled by the issuing financial institution, Master Card.