What Switch does

Switch (legal name: Iraq Electronic Gate for Financial Services Company) is a Baghdad-based, privately-held electronic payment service provider founded in 2016 and operating under Electronic Payment Service Provider License No. 4 issued by the Central Bank of Iraq pursuant to Law No. 56 of 2004. The company operates an integrated e-payment ecosystem spanning consumer prepaid cards (Aghati Mastercard, Aghati Visa, Aghati Platinum, and the free-issued Dinar Card), a mobile app distributed via Apple App Store, Google Play, and Huawei AppGallery, POS terminal acquiring, ATM acquiring and management, payroll and employee payment management for corporates, card issuance and compliance services for banks, and international remittances via a MoneyGram main-dealer relationship.

The technology foundation is regulatory-led rather than AI-led: Switch is the first Iraqi e-payment company to hold PCI DSS and PCI 3DS Core Security Standard certifications simultaneously, holds ISO 27001, claims GDPR compliance, and operates under the COBIT 2019 governance framework. The platform integrates with the CBI Iraqi National Switch for domestic interoperability and offers a white-label version of its app to other financial companies. A proprietary local transfer service called Tik enables zero-commission domestic transfers between Switch cardholders, functioning as a customer-acquisition and retention tool.

Switch monetizes primarily through transaction fees: POS acquiring fees, card issuance and recharge fees (Dinar Card being free), MoneyGram commissions on international transfers, payroll card programs, ATM acquiring, bill payment processing, and licensing/compliance fees charged to banks. Distribution combines a self-serve mobile app, a 1,440+ agent network spanning all 20 Iraqi governorates, dedicated corporate and agent web portals, and direct enterprise sales to banks, corporates, and government entities. Reported reach includes 7 million users, 25,738+ merchants, 520 e-commerce integrations, 185 bank branches, and 7 governmental entities — though no revenue or headcount figures are publicly disclosed.

Name

Switch

Legal name

Iraq Electronic Gate for Financial Services Company

Website

https://switch.com.iq

Company type

Private

Founded year

2016

Operating status

Operating

Short description

Switch is a Baghdad-based, Central Bank of Iraq-licensed electronic payment service provider offering prepaid cards, mobile payments, POS/ATM management, payroll processing, and international remittances to consumers, merchants, corporates, banks, and government entities across Iraq.

Ownership category

akta.pro rank

Product category

Electronic Payment Services

SIC

Finance Services (6199)

akta.pro primary industry

Cross-Border Card-Based Transfers & Multi-Currency Cards (FSAGAKAE)

Keywords

• Electronic payment services
• Prepaid card issuance
• POS acquiring
• ATM management
• International money transfers

Headquarters

HQ city

Baghdad

HQ country

Iraq

HQ region

Middle East

Offices5 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Technology or R&D, Infrastructure, Personnel, Operations, Marketing or Sales, Supply Chain

Revenue model

1. POS Acquiring and Transaction Fees: Switch acquires merchants and POS terminals, generating revenue through transaction fees on each payment processed through its network.
2. Card Issuance and Management: Revenue generated from issuing prepaid cards including Aghati Mastercard, Aghati Visa, Aghati Platinum, and Dinar Cards. The Dinar Card is issued free of charge with low recharge fees.
3. International Money Transfers via MoneyGram: Switch acts as a main dealer for MoneyGram international remittances, earning commissions on sending and receiving money transfers globally.
4. Payroll and Employee Payment Management: Enterprise solution for companies to manage employee salaries through Switch's digital portal, including payroll card issuance and limit management up to IQD 20 million.
5. ATM Acquiring and Management: Acquiring and managing ATMs across Iraq as part of the electronic payment infrastructure.
6. Licensing Services: Providing licensing, compliance, and anti-fraud services to banks and financial institutions under Switch's regulatory licenses.
7. Bill Payment and Management: Facilitation of electronic bill payments for utilities and government services, generating transaction fees.

Pricing tiers

Go-to-market motion3 records

Distribution channels7 records

Marketing channels6 records

Core offering

Switch (Iraq Electronic Gate for Financial Services Company) is a Central Bank of Iraq-licensed electronic payment service provider that issues prepaid cards (Aghati Mastercard, Aghati Visa, Dinar Card, Aghati Platinum), operates a mobile payment app, acquires POS terminals and ATMs, processes payment transactions, and offers payroll, bill-payment, and compliance services to banks, corporates, merchants, government, and consumers across Iraq.

Product overview

Switch is an Iraqi digital financial services company offering a comprehensive e-payment ecosystem. The product portfolio centers on the Switch mobile app as the primary customer interface, complemented by reloadable prepaid cards (Aghati Mastercard, Aghati Visa, Dinar Card, and Aghati Platinum), point-of-sale devices, payment gateways, and money transfer services via MoneyGram. The platform serves three main segments: individuals (retail), corporates (payroll management, payment gateways), and merchants (POS devices, billing solutions), with additional services for banks including card issuance, ATM management, and compliance. All offerings operate under Central Bank of Iraq licensing and leverage partnerships with Mastercard and Visa networks.

Differentiator

Problem solved

Functional benefit

Products and services

• Switch Mobile App Mobile application for consumers providing prepaid card issuance, balance inquiry, money transfers, bill payments, mobile credit top-up, e-voucher purchases, and access to Switch services; also offered as a white-label solution to financial companies.
• Aghati Mastercard Prepaid Mastercard issued through the Switch app, usable in stores, online, and at ATMs within Iraq and internationally on the global Mastercard network.
• Aghati Visa Prepaid Visa card issued through the Switch app, usable in stores, online, and at ATMs within Iraq and internationally on the global Visa network.
• Dinar Card Domestic payment card issued free of charge via the Switch app, offering zero fees on domestic payments and the lowest recharge fees in the Iraqi market.
• Aghati Platinum Premium prepaid card offering exclusive discounts on hotels and airlines, free access to VIP airport lounges, and luxury lifestyle experiences.
• MoneyGram International Transfers International money transfer service for individuals and corporate clients enabling sending and receiving money to many countries worldwide, with cash pickup, bank deposit, or digital wallet options.
• Payment Gateway Comprehensive payment gateway solution enabling businesses and e-commerce merchants to process electronic card payments and online transactions.
• Employee Payment Management (Payroll Portal) Enterprise payroll system allowing companies to upload payroll data, monitor payment processes, and manage employee salary cards up to IQD 20 million via the dedicated corporate portal.
• POS Terminal Supply and Acquiring Supply, deployment, and management of point-of-sale terminals for merchants to accept electronic card payments on the Switch network.
• Cash@Salary Salary-based payment solution allowing employers to disburse employee salaries through the Switch network and ATMs.
• Pay@Salary Salary payment solution enabling employees to receive and access their salaries through Switch payment infrastructure and POS terminals.
• Money Collection and Billing Solution Digital solution enabling companies and organizations to collect payments and bills from customers through the Switch app and linked digital channels.
• Card Issuance, Management and Processing Integrated solution for banks and financial institutions to issue payroll cards, manage card portfolios, and process card transactions on Switch infrastructure.
• ATM Acquiring and Management Acquisition and management of ATMs enabling banks to expand their ATM network and provide cash withdrawal and deposit services across Iraq.
• Loan and Installment Management Financial service solution for managing loans, installments, and related payment processing for banking institutions.
• Compliance and Anti-Fraud Services Compliance, regulatory, and anti-fraud services for banks to ensure adherence to Central Bank of Iraq regulations and international financial security standards.
• Licensing Services Licensing services for banks and financial institutions to operate within the electronic payment ecosystem under Switch's regulatory licenses.
• Tik Local Transfer Service Local money transfer service within Iraq allowing Switch cardholders to send money instantly to other Switch cardholders with zero commission.
• Digital Electronic Vouchers Electronic vouchers purchasable through the Switch app for international online stores including iTunes, Google Play, PlayStation, and Nintendo Switch gift cards.
• Authorized Agent Network Authorized agent network of 1,440+ locations across all 20 Iraqi governorates providing card issuance, reloading, cash withdrawal, and financial services to consumers.
• Agent Portal Dedicated online portal for Switch agents to manage accounts, view transactions, and access support services.
• Corporate Portal Dedicated platform for corporate clients to manage employee payments, payroll processing, and financial operations.
• Billing Portal Online portal for managing bill payments and collections for businesses and organizations.
• Transactions Processing Processing of electronic payment transactions including card payments, transfers, and other financial operations across the Switch network.
• Consulting Services Professional consulting services for financial institutions and businesses seeking to optimize their electronic payment operations.

Quantifiable outcome

• 7 million users served across Iraq
• +2 more outcomes

Named customers2 records

Segments5 records

Ideal customer profiles5 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration7 records

Feature6 records

Partnerships

Five partnerships are on record, tiered core.

• Mastercard InternationalcoreStrategic or Co-development PartnerSwitch is licensed as a Principal Member of Mastercard International, enabling the issuance of Mastercard-branded prepaid cards (Aghati Mastercard, Aghati Platinum) through the Switch app. Cards operate on the global Mastercard network for in-store and online purchases and ATM withdrawals in Iraq and internationally.
• Visa InternationalcoreStrategic or Co-development PartnerSwitch is licensed as a Principal Member of Visa International, enabling the issuance of Visa-branded prepaid cards (Aghati Visa) through the Switch app. Cards operate on the global Visa network for in-store and online purchases and ATM withdrawals in Iraq and internationally.
• MoneyGramcoreStrategic or Co-development PartnerSwitch is a main dealer for MoneyGram international money transfer services, enabling users to send and receive money globally through MoneyGram's worldwide agent network. This partnership enables instant international transfers through the Switch app and dedicated MoneyGram service points.
• Central Bank of Iraq (CBI)coreStrategic or Co-development PartnerSwitch is licensed by the Central Bank of Iraq as an Electronic Payment Service Provider under License No. 4 per Law No. 56 of 2004 and Electronic Payment System No. 3 of 2014. The CBI regulates all of Switch's operations and provides integration with the Iraqi National Switch.
• Iraqi National Switch (CBI Switch)coreTechnology or IntegrationSwitch integrates with the CBI Iraqi National Switch, enabling interoperability of electronic payments across all participating banks and financial institutions in Iraq.

Scale indicators8 records

Recent moves7 records

Expansion highlights6 records

Broad incumbents

• Fawry: Egyptian bill payment, prepaid card and merchant acquiring platform — same product mix as Switch (POS acquiring, prepaid cards, bill payments, payment gateways) but at much larger scale across Egypt.
• M-Pesa (Vodafone): Largest African/Middle East mobile money platform offering P2P transfers, bill payment, merchant payments and card issuance — comparable to Switch in product surface area and agent-based distribution model.
• Visa Direct: Visa's push-based cross-border card payment network — competing rail for international P2P and disbursements that Switch's MoneyGram service competes against.
• Mastercard Send: Mastercard's cross-border push payments platform — competing with MoneyGram/Switch on card-based international transfers.

Others

• MoneyGram: Global cross-border remittance network for which Switch acts as Iraqi Main Dealer — included as ecosystem partner rather than competitor, since Switch monetizes MoneyGram flows rather than competing on remittances.

Regional players

• Ooredoo Money: Telco mobile money service from Ooredoo with active presence in several MENA markets including Iraq — comparable in product scope (P2P, bill payment, merchant acquiring) though operating in different geographies.

Direct peers

• Zain Cash (Zain Iraq): Telco-backed mobile money wallet operated by Zain Iraq, competing with Switch for Iraqi consumer P2P transfers, bill payments and merchant payments, leveraging Zain's mobile distribution.
• Qi Card: Iraq's largest domestic prepaid card issuer and payment service provider, directly comparable to Switch on Visa/Mastercard-branded card issuance, ATM/POS acquiring and merchant acquiring inside Iraq.
• FastPay (Iraq): Iraqi payment gateway and merchant acquiring service offering online and POS payment processing for Iraqi merchants, directly overlapping Switch's payment gateway and POS acquiring products.
• Asiacell Mobile Cash: Mobile money service from Iraq's second-largest mobile operator; competes with Switch in consumer digital payments, transfers and merchant acquiring.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat6 records

Key risks5 records

Key highlights6 records

Customer concentration

• Xx.com/iqswitch
• Facebookfacebook.com/iqswitch
• LinkedInlinkedin.com/company/iqswitch

Compliance4 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Switch