Financial Innovation and its Role in the Digital Transformation of the Central Bank (Iraq and Nigeria)

Abstract

The digital transformation of financial innovations has played a significant role in driving economic growth in both Iraq and Nigeria over the past few decades. The digital economy of financial innovation is linked to economic growth in several ways. For example, financial innovation generates the development of new financial products that can better meet the needs of consumers and businesses. For example, the introduction of credit cards, online banking, and mobile payments has facilitated consumers’ access to credit and the management of their finances. The application of ICT concepts, technologies, policies, and strategies in banking has become a topic of fundamental importance and concern for all banks and is even a prerequisite for competitive local and global banking. Advances in technology have played a significant role in improving the standards of service delivery in the banking industry in these countries. The most important finding of the research is that there are few digital ICT developers in government and financial institutions. It is also difficult for international companies to expand into the Iraqi market.