Study on Financial Inclusion in Iraq
In 2023, MASAE Analytics and its sister company Altai Consulting were commissioned by GIZ to undertake a large-scale study on financial inclusion in Iraq as part of the project “Financial inclusion for a new economic start and integration in Iraq.” The study sought to provide a comprehensive understanding of the barriers and opportunities for financial access across the country, informing policy and sector strategies to promote economic recovery and integration.
Geography
Services
Technologies
Client Type
Client
GIZ
Year:
2023
Regions
Why This Matters
Financial inclusion is a cornerstone of economic development and social stability, particularly in post-conflict environments like Iraq. Despite progress, many Iraqis—especially women, rural populations, and small businesses—still lack access to essential financial services. Addressing these gaps is critical for reducing poverty, supporting entrepreneurship, and fostering long-term economic growth (source).
Our Approach
MASAE and Altai Consulting adopted a robust, multi-method approach to deliver actionable insights:
Extensive Surveying:
Over 5,200 respondents were surveyed across all regions of Iraq, ensuring a representative view of financial access and needs. In the absence of a recent nationwide census, MASAE supported the development of the sampling frame of the project using satellite imagery analytics allowing for robust representation of respondents.In-Depth Interviews:
Forty interviews were conducted with key financial actors, including representatives from the Central Bank of Iraq, public and private banks, electronic payment providers, microcredit organisations, and non-formal financial actors.Focus Group Discussions:
Targeted discussions were held with specific population segments and micro-, small-, and medium-sized enterprises (MSMEs) to capture nuanced perspectives.Stakeholder Workshops:
Multiple workshops were organised to discuss findings and formulate actionable recommendations for the Central Bank of Iraq and other sector stakeholders.
Results and Impact
The study provided a detailed analysis of the current state of financial inclusion in Iraq, highlighting both progress and persistent challenges. Key outcomes included:
Identification of Barriers:
The research uncovered obstacles such as limited financial literacy, regulatory constraints, and infrastructure gaps that hinder access to financial services.Tailored Recommendations:
Specific, evidence-based recommendations were developed to help the Central Bank of Iraq and other stakeholders improve financial inclusion policies and practices.Empowerment of Vulnerable Groups:
The study highlighted the needs of women, rural communities, and MSMEs, supporting targeted interventions to ensure no group is left behind.
