National Bank of Iraq

What National Bank of Iraq does

National Bank of Iraq (NBI) is an Iraq-domiciled commercial bank founded in 1995 and majority-owned (61.85%) since 2005 by Capital Bank Group of Jordan, with operations spanning retail, SME, corporate, and private banking across Iraq and, since 2022, Saudi Arabia. The bank serves three primary segments: mass-market retail customers (salary-based accounts such as Tawteen and prize-based products like Zanageen and Gold Road), SMEs (served with IQD 5M–5B loans at 11% reducing interest, plus access to Central Bank of Iraq's 1 trillion IQD inclusion initiative at 2.9%–3.4%), and large corporates (letters of credit, guarantees, project financing, and correspondent banking through Capital Bank's 27-country network). It also operates a tiered Private Banking proposition (Al-Nukhba) for clients with deposits above $50,000 or 75M IQD.

NBI's technology stack runs on the Temenos T24 core banking platform and is delivered through multiple channels: physical branches (18–26 across Iraqi governorates plus KSA), 120+ ATMs, mobile banking application, NBI IQ Business Online corporate portal, phone banking, WhatsApp chat banking (Hala), and e-wallet integrations with Zain Cash and Asia Hawala. The product suite spans current accounts, savings, certificates of deposit (7.5% annual), fixed deposits (tiered IQD/USD rates), five Visa credit card tiers including a Royal Jordanian co-branded card, personal/housing/auto/land loans, commercial and project financing, and custodial/brokerage services through the wholly owned Iraqi Money Brokerage Company. Smart-chip and 3D Secure technology underpin card transactions, and the NBI Loyalty Program is integrated into the mobile banking app.

Revenue is generated from net interest income on the diversified loan and deposit book, transaction-driven fee and commission income (account maintenance, transfers, FX, cards), trade finance (EBRD- and Saudi Exim Bank-backed letters of credit and guarantees), card interchange and merchant discount rates, and custodial/brokerage fees. Marketing combines mass-scale prize-linked savings (Zanageen prize pool exceeding IQD 4 billion in 2026), employer partnerships for salary domiciliation, and institutional agreements with DFC, USAID, ILO, OCIF/KAPITA, and GuarantCo that anchor SME and entrepreneur customer acquisition. NBI is rated Capital Intelligence BB and Moody's B3, was named Best Bank in Iraq by Global Finance in 2026, and ranks 'Excellent' under the Central Bank of Iraq assessment; Ernst & Young audits the consolidated Capital Bank Group accounts.

Name

National Bank of Iraq

Legal name

National Bank of Iraq

Website

https://nbi.iq

Company type

Private

Founded year

1995

Operating status

Operating

Headcount range

501–1,000 employees

Short description

National Bank of Iraq is a commercial bank majority-owned by Capital Bank Group (Jordan) that provides retail, SME, corporate, and private banking services across Iraq and Saudi Arabia via branches, ATMs, mobile, and WhatsApp banking.

Ownership category

akta.pro rank

Headquarters

HQ city

Baghdad

HQ country

Iraq

HQ region

Middle East

Offices17 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

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

Revenue model

1. Net Interest Income: Interest income earned on loan portfolio (personal loans, housing loans, SME loans, corporate/commercial loans, overdraft facilities) net of interest paid on deposits. Fixed deposit and certificate of deposit interest rates provide spread income.
2. Fee and Commission Income: Fees from account maintenance, ATM transactions, wire transfers, letters of credit, letters of guarantee, cheque services, currency exchange, SMS alerts, card issuance and maintenance, and foreign exchange auction participation.
3. Trade Finance Services: Income from letters of credit (import/export), letters of guarantee, bills for collection, and project financing for corporate clients. Strengthened by EBRD trade finance agreement and Saudi Exim Bank partnership.
4. Card Business: Revenue from credit card interchange fees, annual fees, and merchant discount rates on Visa credit and debit card transactions. Includes co-branded Royal Jordanian credit card generating travel miles.
5. Custodial and Brokerage Services: Fees from custodial services (securities account management, monthly statements, securities registration/freezing/transfer) and brokerage income via Iraqi Money Brokerage Company (wholly owned subsidiary) for Iraq Stock Exchange trading.

Pricing tiers

Go-to-market motion3 records

Distribution channels8 records

Marketing channels8 records

Core offering

National Bank of Iraq is a commercial bank providing a full suite of retail and corporate banking services, including deposit accounts, personal and commercial loans, Visa credit/debit cards, trade finance (letters of credit and guarantees), SME financing, foreign exchange, and custodial/brokerage services. It operates physical branches and ATMs across Iraqi governorates, complemented by digital channels including mobile banking, corporate internet banking (NBI IQ Business Online), WhatsApp-based account opening, and Saudi Arabia operations facilitating cross-border trade.

Product overview

National Bank of Iraq operates as a comprehensive commercial banking institution offering a unified but multi-channel product portfolio encompassing retail banking (deposits, loans, cards), corporate banking, SME financing, and premium private banking services. The core digital infrastructure includes NBI IQ Business Online for corporate clients and a mobile banking application for retail customers, supported by digital innovations like WhatsApp-based Hala account opening and e-wallet integrations with Zain Cash and Asia Hawala. The product portfolio spans deposit accounts (Current, Savings, Certificate of Deposit, Fixed Deposit, Zanageen prize-based, Gold Road, Tawteen salary accounts), credit and debit card products (Visa Classic, Gold, Platinum, Infinite, and Royal Jordanian co-branded), personal and commercial lending (including SME loans and project financing), trade finance services (letters of credit, guarantees, bills collection), and foreign exchange services. Digital banking features include online banking platforms, loyalty programs, SMS alerts, and dedicated mobile applications.

Differentiator

Problem solved

Functional benefit

Brands

• Zanageen Account: Interest-free savings account with prize draws, launched in 2019. Offers cash and non-cash prizes including daily, weekly, monthly draws, and bi-annual grand prizes. Total prize pool exceeding 4 billion IQD in 2026.
• Gold Road Account
• Tawteen Account
• Beit El Omor
• Private Banking (Al-Nukhba)

Products and services

• Current Account
• Savings Account
• Certificate of Deposit
• Tawteen Salary Account
• Zanageen Account
• Gold Road Account
• AlAhli Kids Account
• Private Banking (Al-Nukhba)
• Personal Loan
• Housing Loan
• Car Loan
• Land Loan
• SME Loans
• Commercial Loans
• Project Financing
• Overdraft Facilities
• Visa Classic Credit Card
• Visa Gold Credit Card
• Visa Platinum Credit Card
• Visa Infinite Credit Card
• Visa Royal Jordanian Co-branded Credit Card
• Visa Debit Cards
• Export Letters of Credit
• Import Letters of Credit
• Letters of Guarantee
• Bills for Collection
• Foreign Currency Exchange
• Foreign Exchange Auction Participation
• Bank Transfers
• NBI IQ Business Online
• NBI Mobile Banking Application
• NBI Saudi Arabia Operations
• Saudi Exim Bank Financing
• ATM Network
• Contact Center Services
• Custodial and Brokerage Services

Quantifiable outcome

• Zanageen 2026: 2,708+ winners shared over 4 billion IQD in prizes; since 2019, 1,453+ winners awarded over 3 billion IQD
• +3 more outcomes

Named customers6 records

Segments4 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration5 records

Feature5 records

Partnerships

Six partnerships are on record, tiered major, minor and core.

• Careem IraqmajorStrategic or Co-development Partner · 1 September 2022NBI partnered with Careem Iraq to provide corporate banking services and salary localization (Tawteen) for Careem employees. NBI employees receive smart transportation services and e-payment solutions from Careem. The partnership aims to strengthen digital development in Iraq.
• KAPITA (Orange Corner Baghdad)minorStrategic or Co-development Partner · 27 April 2022NBI signed an MoU with KAPITA to serve as the banking partner for the Orange Corner Innovation Fund (OCIF) in Baghdad — a EUR 1 million fund to support early-stage Iraqi entrepreneurs. KAPITA provides skills workshops, coaching, and incubation; NBI provides banking services and financial support to graduated entrepreneurs.
• International Labor Organization (ILO)coreStrategic or Co-development Partner · 1 March 2022NBI was selected by the ILO to participate in the Financial Inclusion Initiative supporting host communities and emigrants in Iraq. NBI provides free entrepreneurship training courses over 18 months in Mosul and Dohuk, with project funding from the Central Bank of Iraq's 1 trillion IQD initiative and guarantees from ILO and the Iraqi Company for Bank Guarantees.
• Al-Ahly Iraqi Finance CompanymajorOthers · 1 January 2022NBI owns 51% of Al-Ahly Iraqi Finance Company, established in 2022 to serve NBI's customers and various citizen segments by providing integrated financing solutions matching diverse customer needs.
• Iraqi Money Brokerage CompanyminorOthers · 1 January 2021NBI's wholly owned subsidiary provides brokerage services for trading in the Iraq Stock Exchange Market.
• Capital InvestmentsminorStrategic or Co-development Partner · 1 January 2010Capital Investments is Capital Bank's main investment arm, through which NBI clients can trade on behalf of clients in Jordan and international markets.

Scale indicators19 records

Recent moves10 records

Expansion highlights6 records

Broad incumbents

• Arab Bank: Major Middle Eastern bank with the region's largest branch network across MENA. Broader and larger than NBI, providing an incumbent benchmark for cross-border trade finance and corporate banking in Iraq.
• National Bank of Kuwait: Largest Kuwaiti bank with a regional MENA footprint. While not present in Iraq, it sets the regional benchmark for retail and corporate banking, trade finance, and digital services relevant to NBI's revenue trajectory.

Direct peers

• Iraqi Islamic Bank: Iraqi Shariah-compliant bank serving retail and corporate customers. Competes with NBI in the same Iraqi market across overlapping segments including SME and salary domiciliation.
• Rasheed Bank: Major Iraqi state-owned commercial bank serving retail, corporate, and government clients nationwide. Comparable to NBI in product breadth and Iraqi market focus.
• Trade Bank of Iraq: Iraqi government-owned commercial bank providing trade finance, letters of credit, and corporate banking services. Directly comparable to NBI's corporate and trade finance business given overlapping Iraqi customer base and product set.
• Bank of Baghdad: Major Iraqi private-sector commercial bank offering retail, corporate, and SME banking comparable to NBI's full-service model within the same Iraqi market.
• Rafidain Bank: Largest state-owned Iraqi bank with a national branch network offering retail, corporate, and government banking. Key direct competitor to NBI across retail and corporate banking in Iraq.
• Capital Bank (Jordan): Jordanian parent bank owning 61.85% of NBI and operating a similar commercial banking model across Jordan, Iraq, UAE, and Saudi Arabia. Comparable in business model, product mix, and regional ambitions.
• Bank of Babylon: Iraqi commercial bank offering retail and corporate banking services across the country. Comparable to NBI in scale, product mix, and Iraqi private-sector focus.
• Kurdistan International Bank: Iraqi commercial bank headquartered in Erbil serving retail and corporate customers across Iraq including the Kurdistan region. Comparable to NBI's full-service model and Iraqi market positioning.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Customer concentration

• Xx.com/nbirq
• YouTubeyoutube.com/channel/UCbrkKFkNEcBLP66PCZIRCAA
• Facebookfacebook.com/NationalBankOfIraq
• LinkedInlinkedin.com/company/nbirq
• Instagraminstagram.com/nationalbankofiraq

Compliance6 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles14 records

Subsidiaries2 records

Funding overview

Funding rounds

Investors

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M&A

Investments

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Frequently asked questions about National Bank of Iraq