By: Mae Cornes
In Iraq, a digital transformation by Qi Card is reshaping the country’s financial landscape. With its multi-biometric technology, Qi Card is changing how transactions are conducted and redefining Iraq’s digital economy. Leading this transformation is Bahaa Abdul Hadi, whose vision of a financially inclusive Iraq is slowly becoming a reality.
Pioneering Accessible Finance in Iraq
Under Bahaa, Qi Card innovates in Iraq’s fintech sector, serving over twelve million clients, including government employees, pensioners, private sector workers, and displaced migrants. “Our goal is to ensure that every Iraqi has access to secure and efficient financial services,” Bahaa states, emphasizing the transformative power of fintech in rebuilding and stabilizing the nation’s economy.
Qi Card’s journey with a simple yet ambitious idea to leverage technology to make financial services accessible to all Iraqis, regardless of location or economic status. This vision was realized by deploying multi-biometric identification technology, a first in Iraq’s banking sector. By requiring multiple forms of biometric verification, Qi Card has significantly enhanced the security of financial transactions, reducing the risk of fraud and corruption in a country where such concerns are paramount.
Photo Courtesy: Qi Card
Uniting Forces for a Digital Financial Future
Qi Card’s technology’s success demonstrates the power of innovation and the effectiveness of strategic partnerships. Collaborations with major telecom companies like Asiacell and Digital Zone have expanded the reach of digital transactions across Iraq. Moreover, the partnership with Alipay is a milestone in Qi Card’s history. The launch of the “superQi” app, integrating Alipay’s global payment platform, has positioned Qi Card as a dominant player in the digital economy, not just in Iraq but globally.
These partnerships have been instrumental in furthering financial inclusion, allowing Qi Card to offer various services, from money transfers and payment acceptance to salary distribution and loan disbursement. Since 2018, Qi Card has disbursed over $7.5 billion in loans to more than 1.3 million customers, indicating its pivotal role in Iraq’s economic development.
Photo Courtesy: Qi Card
Elevating Iraq’s Digital Economy to New Heights
Qi Card has not only introduced advanced financial services to Iraq’s traditionally cash-based society but has also set security benchmarks that help ensure the vibrancy and safety of the country’s developing digital economy. By expanding access while prioritizing trust and reliability, the company catalyzes innovation across Iraq’s financial landscape.
In a country striving to overcome years of turmoil, the company’s efforts in promoting financial inclusion and digital transformation offer a glimmer of hope. “We are moving toward a more inclusive and prosperous Iraq,” Bahaa reflects, underscoring the broader social impact of Qi Card’s work.
Qi Card’s journey to becoming a pioneer in Iraq’s digital economy reflects the power of technology, vision, and partnership. As Iraq continues on its path to recovery and growth, Qi Card embodies what can be achieved when innovation meets purpose. With each transaction, the company is moving a nation toward a future where financial inclusion is both an aspiration and a reality.
