Rafidain Bank starts second round of salary advances

Shafaq News- Baghdad

Iraq’s state-owned Rafidain Bank has opened applications for a second round of electronic loans for employees and retirees, the bank said Wednesday.

Applicants must receive their salaries through Rafidain Bank and hold a Rafidain card. They can apply through the SuperQi app, a digital financial services platform developed by Iraqi payment company Qi Card, without visiting bank branches. All applications are subject to the bank’s lending requirements.

Last week, the bank launched the first round, accepting 5,000 applications per batch before temporarily closing the application link for administrative reviews and credit checks ahead of the next round. Approved applicants will receive their advances through daily deposits into their accounts.

The loans range from 5 million to 10 million Iraqi dinars ($3,289-$6,579), carry an annual interest rate of 6% and are repayable over five years.

Finance Minister Falih Al-Sari earlier ordered Rafidain Bank to resume lending after months of restrictions at state-owned banks. By September, most had suspended loans and salary advances amid liquidity shortages, while Central Bank data showed deposits falling 5.6% and cash credit declining 5.4% in the first half of 2026.

An informed source also linked the lending freeze at Rafidain and Rasheed banks to poor credit planning and delayed technology upgrades. Both banks faced regulatory scrutiny over their lending practices, investment financing and liquidity management.

Read more: Iraq’s private banks: Capital Growth and the structural credit gap