New Data from Qi Card Sheds Light on Iraqi Citizens’ Financial Situation(Medical Bill)
Qi Card, the leading electronic payment solution and national debit/credit card of Iraq, provides new insight into the financial well-being of Iraqi citizens by studying their motivations for seeking private loans. According to the data released by the Qi Card loan program, more than 85% of Iraqi’s seeking private loans do so to either pay off a medical bill or fund a small business venture.
“Since 2018, Qi Card has disbursed more than USD$4B in loans to more than 800,000 Iraqi citizens,” said Bahaa Al-Hadi, chairman and founder of International Smart Card, the company that owns and operates Qi Card. “When we look at the motivating factors behind these loans, an interesting picture of Iraq emerges. We see Iraqi citizens inspired to create new services, innovate for their community and control their own professional and financial destinies; but at the same time, many struggling to pay for some of life’s basic needs.”
Small business financing comprises the majority of loans provided by Qi Card. A full 55.4% of loan holders indicate that financing a small project was their motivation for seeking a loan. This is followed by medication and health needs, which were cited by 29.9% of loan holders. The remaining 15% of loans were sought for purposes of repaying a loan from a friend or relative (8.2%), financing a home renovation (4.3%) and financing a vacation trip (2.2%).
“Qi Card is proud to support the Iraqi community with access to wealth-building opportunities that enrich people and the entire nation,” continued Al-Hadi. “When we invest to make citizens’ business dreams come true, we foster innovation that can lift us all.”
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