Founded to address Iraq’s fragmented and cash-dependent financial system, Qi has become the country’s largest issuer and acquirer of electronic payments. As of 2025, the company serves over 10 million customers and processes transactions valued at over 100 billion USD annually. With over 13 million active accounts and cards, Qi has contributed significantly to increasing Iraq’s banked population from around 5% in 2007 to over 40% today.

Qi’s efforts in advancing Iraq’s fintech sector have earned it recognition both nationally and internationally. In 2023, the company received two significant awards at the International Finance Awards: “Best Credit Solutions Provider – Iraq” and “Fastest Growing E-Payment App – Iraq.” These awards reflect Qi’s ongoing investment in product development, user experience, and technological innovation.

Mission And Vision

Qi’s mission centres on creating secure, simple, and accessible financial tools for every Iraqi citizen. The company envisions a future in which digital payments replace cash transactions, promoting transparency, efficiency, and convenience across all sectors of the economy. By providing inclusive financial solutions, Qi aims to empower individuals, support small businesses, and strengthen Iraq’s digital economy.

As it continues to expand, Qi remains committed to innovation and collaboration. Its focus on technological advancement, customer accessibility, and regulatory compliance has positioned it as one of the key players in Iraq’s journey toward a cashless society. Through partnerships, digital platforms, and financial literacy initiatives, Qi seeks to ensure that every Iraqi participates in the evolving digital landscape.

Services And Technology

Qi’s services are designed to provide secure and accessible digital financial solutions. The company utilises biometric authentication technologies to ensure the safe distribution of government salaries, pensions, and social security payments. Its infrastructure includes a nationwide network of over 43,000 point-of-sale (POS) terminals and approximately 500 enrolment centres, covering all provinces of Iraq.

The company’s “Super Qi” mobile application offers a digital-first platform for financial transactions. Through the app, users can send and receive money, pay bills, make e-commerce purchases, scan to pay merchants, and support charitable donations. The platform connects individuals, businesses, and government entities, enabling a unified digital ecosystem for financial activity.

Financial Inclusion And Consumer Services

Qi has launched various credit and microfinance solutions to enhance financial access and support economic development.

Its programmes, such as “Salfni,” “Aqsati,” and “Buy Now Pay Later (BNPL)” enable users to obtain short-term credit, pay in instalments, or finance purchases for education, small businesses, and household goods. These services are intended to help Iraqi citizens manage expenses, pursue personal goals, and participate more actively in the formal economy.

Partnerships And Collaborations

Qi collaborates closely with Iraqi government institutions, private sector organisations, and international partners to develop and deliver digital payment systems. The company’s partnerships include projects with the Ministry of Housing to facilitate loan repayments, the Ministry of Interior to digitise administrative processes, and pension funds to ensure secure and timely payments to over four million retirees. Qi also supports social welfare programmes that benefit more than 750,000 vulnerable citizens.

On the international level, Qi has partnered with global technology and financial companies such as MasterCard, Visa, Oracle, and Ernst & Young (EY). These tie-ups have enhanced Qi’s operational capabilities, enabling it to integrate global security standards, compliance, and innovation. Working under the regulatory framework of the Central Bank of Iraq, the company contributes to the country’s broader goals for digital transformation and financial inclusion.

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Driving Iraq’s Financial Sector

Over the course of these 17 years, Qi Card has evolved into a quintessential symbol of financial innovation, specialising adeptly in biometric ID cards and cutting-edge electronic financial services. Conceived through a forward-thinking partnership that seamlessly blends private and public interests, Qi Card stands out as a formidable driving force in Iraq’s dynamic financial sector. This collaborative synergy empowers Qi Card to harness the resilience and ingenuity of the private sector, harmoniously complemented by the stability and extensive reach of the government sector.

Boasting a dedicated team of over 1,200 highly trained professionals, Qi Card’s MasterQi has adeptly navigated the ever-changing landscape of fintech, emerging triumphantly as a premier provider of biometric ID cards and electronic financial services in Iraq. The amalgamation of expertise from Iraqi and international specialists in finance, banking, and technical management serves as a testament to Qi Card’s unwavering commitment to excellence.

MasterQi integrates advanced biometric card verification capabilities, enhancing security and ensuring a seamless user experience for secure and efficient transactions.

Blending Technology And Innovation

At the heart of Qi Card’s revolutionary advancement is its innovative payment solution, a trailblazing approach that has transformed the dynamics of the Iraqi market. This pioneering system, the first of its kind, functions based on fingerprint-based transactions, fundamentally altering the way salaries and grants are distributed in Iraq.

Qi Card’s visionary outlook transcends mere transactions and it aspires to foster an Iraq where cashless transactions become the prevailing norm. The Qi Card system, characterised by a harmonious blend of convenience and heightened security facilitated by biometric identification, plays a pivotal role in fortifying a more resilient and secure financial ecosystem for its users.

Secure And Convenient Financial Transactions

At the forefront of Qi Card’s offerings stands the flagship product, the MasterCard, symbolizing the epitome of secure and convenient financial transactions. This versatile card empowers users to seamlessly receive salaries, government payments, and partake in diverse financial activities.

The widespread acclaim garnered by the Qi MasterCard is further amplified by the user-friendly Qi Services mobile application, which plays a pivotal role in advancing financial inclusion across Iraq. This app not only affords users heightened control over their finances but also ensures transparency, rendering Qi Card a preferred and contemporary choice for individuals seeking modern financial solutions.

Qi Services mobile application also provides customers with convenient access to credit products, empowering them to manage their financial needs efficiently.

Cooperation With Western Union

A pivotal juncture in the annals of Qi Card’s history is marked by its strategic alliance with Western Union, a renowned global leader in cross-border money transfers. This collaborative venture has not only elevated Qi Card’s functionality but has also empowered users with seamless access to Western Union’s robust network for secure and efficient international transfers.

The integration of Western Union services into the Qi Card platform signifies a notable stride forward, providing users with a dependable solution for global financial transactions. This strategic partnership underscores Qi Card’s unwavering commitment to delivering comprehensive and cutting-edge financial solutions.

Championing Financial Inclusion

Opting for a Qi Card extends beyond the tangible advantages of utilising a user-friendly app. It has evolved into a powerful symbol of financial empowerment in Iraq, actively championing financial inclusion by granting access to financial services to individuals who were previously underserved by conventional banking systems.

Reshaping The Landscape Of Financial Services

Since its establishment in 2007 to its current status as a premier fintech company, Qi Card’s trajectory vividly exemplifies the transformative influence of technology in reshaping the landscape of financial services. Through its wide array of products, strategic collaborations, and unwavering commitment to user empowerment, Qi Card stands as a pivotal force in shaping the future of financial technology in Iraq.

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The core of Qi Card’s value proposition is to provide identity management to government and citizens in a fast and secure manner. Because more than 80 percent of the population are unbanked, building acceptance toward this concept in the country was a huge challenge. For that reason, the fundamentals such as enrollment, distribution, and acceptance network had to be built from the ground up. 

Qi and its partners were successful in establishing financial inclusion in the country. Since then, Qi remains the standard for electronic payment in Iraq, with over a decade’s worth of operations. 

Now Qi serves nearly 8 million citizens and more than 400 government agencies with its services. Additionally, it has over 200 enrollment centres around the country and 15,000 points of sale available for either cash or retail transactions. 

In 2017 Qi launched Mastercard in the Iraqi market and currently has nearly 1.4 million Mastercard holders. It again launched a co-badge version of its service for the next-generation Qi biometric technology co-hosted on the Mastercard. To date, Qi has issued nearly 200,000 co-badge cards. 

For years, the Iraqi government has struggled to provide access to capital for citizens. Tedious procedures coupled with limited means of verification have restricted lending services in the country. Against this background, Qi has relentlessly work towards innovation in the financial sector. 

In 2018 Qi introduced instant loan programme which is aimed at providing instant salary backed loans to its card holders. In the 18 months since the programme launch, Qi provided more than 600,000 loans to citizens with a volume of over $2.8 billion. 

Simultaneously, it automated a system for merchants to provide installment programmes to their customers manually. This system allows a merchant to instantly check eligibility of a card holder, grant credit and ensure appropriate monthly deductions. To date there are nearly 3000 merchants offering this service in the market. 

In past years, there has been a significant push from the international community as well as the government to reinforce financial inclusion. Qi has built a strategy around these efforts to remain at the forefront of Iraq’s economic growth and offer convenient services to customers. 

Yet penetration rate of electronic payment remains low in the country. Qi believes it can become a primary factor for driving growth rates indicative or regional and international payment standards.

Qi’s growth trajectory in the financial sector has established trust among customers at a very crucial period. In short, it has become a model for new entrants and will lay the groundwork for a widely accessible electronic payment system in the country. 

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