NassWallet
NassWallet is an Erbil-based, CBI-licensed Iraqi fintech operating a digital wallet, merchant acquiring suite, and remittance platform serving consumers, SMBs, UNHCR refugees, and the KRG government across a 1,000+ agent network.
- Company typePrivate
- Founded2019
- HeadquartersErbil, Iraq
- Headcount11–50
- GTM typeB2B and B2C
- OfferingSoftware
What NassWallet does
NassWallet is an Iraqi fintech company headquartered in Erbil that operates a Central Bank of Iraq-licensed (License #10, issued June 2019) digital wallet and electronic payment platform. Founded in 2019, the company serves three core customer segments: Iraqi consumers using the wallet for P2P transfers, bill payments, and cash-in/cash-out through a 1,000+ branch and agent network; SMB merchants acquiring payments via the NASS E-Payment Suite (POS terminals, Tap to Phone, and a payment gateway launched in 2024); and institutional clients, most notably UNHCR for biometric-verified humanitarian cash distribution to 280,000+ refugees via IrisGuard (deployed across 37 sites, expanding to 55), and the Kurdistan Regional Government's e-Psûble utility-bill payment platform (partnership announced February 2026).
The underlying technology stack combines a consumer wallet application, a merchant acquiring layer, Western Union cross-border remittance rails (integrated January 2024), Visa card-network connectivity via Principal Membership (October 2022) enabling direct card issuance, and IrisGuard biometric identity infrastructure for KYC and aid-disbursement workflows. In 2022 the platform processed more than $1B in transaction volume. The architecture is designed to bridge Iraq's cash-dominant retail economy with formal electronic payments while meeting CBI regulatory and PCI DSS security requirements.
NassWallet's business model is transaction-based: revenue is generated through take rates on consumer payments and P2P transfers, merchant acquiring fees on POS and gateway volume, spreads on Western Union remittances, and fees tied to humanitarian and government disbursement programs. Go-to-market combines a direct-to-consumer app with a heavy agent/branch-led cash distribution network, supplemented by institutional partnerships (UNHCR, KRG, Western Union, Visa, universities for talent pipeline) that drive both volume and regulatory legitimacy in a market where e-money issuance is tightly supervised.
NassWallet firmographics
Firmographics- Name
- NassWallet
- Legal name
- NassWallet
- Website
- https://nw.iq
- Company type
- Private
- Founded year
- 2019
- Operating status
- Operating
- Headcount range
- 11–50 employees
- Short description
- NassWallet is an Erbil-based, CBI-licensed Iraqi fintech operating a digital wallet, merchant acquiring suite, and remittance platform serving consumers, SMBs, UNHCR refugees, and the KRG government across a 1,000+ agent network.
- Ownership category
- akta.pro rank
NassWallet industry classification
Industry- Product category
- Mobile Payments
- NAICS
- Financial Transactions Processing, Reserve, and Clearinghouse Activities (522320), Financial Transactions Processing, Reserve, and Clearinghouse Activities (52232)
- SIC
- Finance Services (6199)
- akta.pro primary industry
- Digital Wallet Platforms (Consumer & Merchant) (BPAMAFAC)
- akta.pro secondary industries
- Cross-Border & FX Payments Platforms (BPAMAFAK), Custodial Wallets & Hosted Accounts (exchange/fintech custody, omnibus wallets) (FSAPACAC)
Keywords
Where NassWallet is headquartered
LocationHeadquarters
- HQ city
- Erbil
- HQ country
- Iraq
- HQ region
- Middle East
Offices2 records
Markets served
NassWallet business model
Business model- GTM type
- B2B and B2C
- Offering type
- Software
- Cost components
- Technology or R&D, Personnel, Operations, Infrastructure, Marketing or Sales
Revenue model
- Transaction Fees: Fees charged on financial transactions performed by clients including transfers, withdrawals, and other payment services through mobile phone
- Western Union Commissions: Commission revenue from international money transfer services through Western Union partnership
- Merchant Acquiring Fees: Transaction fees from merchants accepting digital payments via QR code, POS terminals, and Tap to Phone
- Salary Disbursement Services: Bulk salary and incentive payment processing for employers and government institutions
- Bill Payment Processing: Processing fees for utility bill payments including electricity, water, mobile, and internet
- eVoucher Sales: Sales commission from digital gift cards and vouchers from international brands
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Freemium | Monthly | Primary Wallet - Self-registered via app |
| Freemium | Monthly | Permanent Wallet - Branch verified |
| Transaction based/ take rate | Pay-as-you-go | Western Union International Transfers |
| Unit Pricing | Pay-as-you-go | eVouchers |
Go-to-market motion4 records
Distribution channels7 records
Marketing channels6 records
NassWallet product offering
Product offeringCore offering
NassWallet operates a mobile-based digital wallet platform licensed by the Central Bank of Iraq that enables individuals, merchants, enterprises, and government institutions to perform financial transactions from a smartphone. Its core services include P2P money transfers, airtime top-up, bill payments, salary disbursement, QR code merchant payments, and cash withdrawal through a 1000+ branch and agent network. The platform also supports international remittances via Western Union, prepaid Visa mCard issuance, and a merchant acquiring suite (NASS POS, NASS Tap to Phone, NASS Gateway).
Product overview
NassWallet is a digital financial services company offering a mobile-based digital banking platform that serves individuals, businesses, government institutions, and NGOs in Iraq. The core product is the NassWallet Digital Banking App, which operates as a unified digital wallet with multiple integrated services including domestic money transfer, airtime top-up, bill payments, salary disbursement, eVoucher purchases, QR code payments, cash withdrawals, and the mCard prepaid Mastercard. The company also provides a Western Union integration for international remittances. NASS (the parent company) extends the offering with merchant-facing solutions including NASS POS terminals, NASS Tap to Phone technology, and NASS Gateway for businesses to accept digital payments. Multiple web portals (Customer, Agent, Merchant, Enterprise) complement the mobile app for different user segments. The platform is licensed by the Central Bank of Iraq and serves as a Principal Visa member for card issuing and acquiring.
Differentiator
Problem solved
Functional benefit
Brands
- mCard: NassWallet Prepaid Mastercard, a physical or virtual prepaid card linked to the NassWallet account, accepted anywhere Mastercard is accepted worldwide.
- NASS E-Payment
- eVoucher
Products and services
- NassWallet Digital Banking App A mobile-based digital banking platform providing individuals, businesses, and government institutions with services for spending, sending money, saving, bill payments, salary disbursement, and account management, available on iOS and Android.
- Western Union International Money Transfers International money transfer service integrated into the NassWallet app enabling users to send and receive money globally across 200 countries and territories with cash pickup, bank account, and mobile wallet delivery options.
- mCard (NassWallet Prepaid Mastercard) Prepaid Mastercard linked to the NassWallet account allowing users to shop online and in-store anywhere Mastercard is accepted globally.
- NASS POS Terminals Point-of-sale terminal devices enabling merchants to accept card payments including Visa and MasterCard on a single platform.
- NASS Tap to Phone Contactless payment technology allowing merchants to accept card payments using their smartphone without additional hardware.
- NASS Gateway Payment gateway service for online merchants to process digital payments across various payment methods.
- Agent Portal Web portal for authorized agents to manage their NassWallet agent operations and transactions including cash-in/cash-out and customer activation.
- Merchant Portal Web portal for merchants to manage their NassWallet merchant operations and transactions including QR code payment acceptance.
- Enterprise Portal (Salary Disbursement) Web portal for enterprise clients to manage bulk salary and incentive payments to employees ranging from five to thousands at once across Iraq.
Quantifiable outcome
- Processed over $1 billion in transactions in 2022
- +2 more outcomes
Companies that use NassWallet
Customer profileNamed customers4 records
Segments3 records
Ideal customer profiles3 records
NassWallet technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Integration5 records
Feature7 records
NassWallet partnerships and signals
Strategic signalPartnerships
Nine partnerships are on record, tiered major, minor, core and supporting.
- Kurdistan Regional Government (e-Psûle)majorNassWallet confirmed as key digital wallet in e-Psûle program for digital electricity bill payments. Diamond sponsor for launch event. Enables citizens to pay electricity bills digitally avoiding government office visits.
- Newroz UniversityminorMOU for academic partnership focused on fintech research, student training, mentorship, and collaborative publications. Aims to prepare youth for digital finance industry.
- Tishk UniversityminorMOU for knowledge exchange, joint training programs, advisory support, panel discussions, and collaborative publications between fintech industry and academia.
- Western UnioncoreInternational money transfer partnership enabling customers to send and receive money across 200+ countries and territories directly through the NassWallet app. Provides account payout, cash pickup, and mobile wallet delivery options. No extra fees charged by NassWallet beyond Western Union fees.
- IrisGuardcoreIntegration of award-winning EyePay® iris-enabled smartphone platform for humanitarian cash assistance disbursements. Enables refugees to withdraw funds using iris as unique identifier without cards, PINs, or bank accounts. Deployed at 37 sites, expanding to 55.
- UNHCRcorePartnership to provide EyePay® service through mobile money transfer for refugees. Over 280,000 refugees enabled to receive humanitarian cash assistance securely and conveniently.
- VisacorePrincipal License Member for issuing and acquiring, enabling virtual and physical Visa prepaid cards linked to wallets, global ATM access (1M+ ATMs), and merchant acquiring services.
- Korek TelecomsupportingAirtime top-up partner for Korek phone users. Allows NassWallet users to purchase airtime credit directly from the app.
- Bank of IraqsupportingPartner bank for financial operations and settlement. Part of national switch connected to Central Bank of Iraq.
Scale indicators8 records
Recent moves6 records
Expansion highlights6 records
NassWallet competitors and assessment
Company assessmentEmerging players
- Paytm: India's leading mobile wallet and payments platform. Comparable as a digital wallet serving a large unbanked/underbanked population with P2P, bill pay, merchant QR, and prepaid card services — useful proxy for the consumer/merchant wallet model NassWallet operates.
- bKash: Bangladesh's leading mobile financial services platform. Comparable as an emerging-market mobile wallet serving the unbanked with P2P, bill pay, merchant payments, and salary disbursement — a useful scale benchmark for NassWallet's potential.
- M-Pesa: Safaricom's mobile money platform and the global benchmark for emerging-market mobile wallets. Comparable in business model (agent network cash in/out, P2P, merchant pay) and demonstrates the scale ceiling a successful MENA wallet can reach.
- Careem Pay: MENA super-app offering payments, wallets, and financial services. Comparable as a regional digital wallet with P2P, bill pay, and merchant acquiring ambitions, though Careem Pay is part of a broader ride-hailing/delivery ecosystem rather than a standalone wallet.
Regional players
- Vodafone Cash: Mobile money service from Vodafone Egypt. Comparable as a MENA mobile wallet targeting unbanked users with P2P transfers, bill pay, and merchant acceptance, but operates in a different geography.
- STC Pay: Saudi Arabia's largest mobile wallet, operated by STC. Comparable as a regional MENA telecom-led digital wallet with similar consumer P2P, bill pay, and remittance services, but does not compete in Iraq.
Direct peers
- Asiacell Manahee: Mobile money service from Asiacell, Iraq's second-largest telecom. Operates a comparable mobile wallet product for unbanked Iraqi users with similar merchant and P2P use cases.
- FastPay Iraq: Iraqi electronic payment platform offering digital wallets, money transfers, and merchant payment services. Directly competes with NassWallet in the Iraqi consumer and merchant payments market.
- Zain Cash: Iraqi mobile money wallet operated by Zain Iraq, the country's largest telecom by subscribers. Directly comparable as a CBI-licensed consumer digital wallet competing for the same unbanked Iraqi customer base with similar P2P, bill pay, and merchant services.
- First Iraqi Bank (FIB): Iraqi bank offering digital banking and card-based payment services. Comparable as a licensed Iraqi financial institution pushing into digital wallet and merchant acquiring, overlapping with NassWallet's issuing and acquiring capabilities.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat5 records
Key risks6 records
Key highlights7 records
Customer concentration
NassWallet social profiles
Digital presenceNassWallet compliance and trust
Trust signalCompliance2 records
NassWallet financial estimates
Financial estimateRevenue estimate
Valuation estimate
NassWallet leadership team
Management profileNumber of profiles
Profiles2 records
NassWallet funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
NassWallet M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about NassWallet
What does NassWallet do?
NassWallet operates a mobile-based digital wallet platform licensed by the Central Bank of Iraq that enables individuals, merchants, enterprises, and government institutions to perform financial transactions from a smartphone. Its core services include P2P money transfers, airtime top-up, bill payments, salary disbursement, QR code merchant payments, and cash withdrawal through a 1000+ branch and agent network. The platform also supports international remittances via Western Union, prepaid Visa mCard issuance, and a merchant acquiring suite (NASS POS, NASS Tap to Phone, NASS Gateway).
Is NassWallet a public or private company?
NassWallet is a private company. It is classified as founder individual operated bootstrapped and is currently operating.
When was NassWallet founded?
NassWallet was founded in 2019. It employs 11 to 50 people.
Where is NassWallet based?
NassWallet is headquartered in Erbil, Iraq, in the Middle East region.
How does NassWallet make money?
Six revenue lines are on record. Transaction Fees are the primary driver. The others are western Union Commissions, merchant Acquiring Fees, salary Disbursement Services, bill Payment Processing and eVoucher Sales.
Who are NassWallet's main competitors?
Emerging players on record are Paytm, bKash, M-Pesa and Careem Pay. Regional players are Vodafone Cash and STC Pay. Direct peers are Asiacell Manahee, FastPay Iraq, Zain Cash and First Iraqi Bank (FIB).
Does NassWallet have an API?
No public API is recorded for NassWallet.
What industry is NassWallet in?
NassWallet's product category is Mobile Payments. Its primary akta.pro industry code is BPAMAFAC, Digital Wallet Platforms (Consumer & Merchant), with a secondary code of BPAMAFAK, Cross-Border & FX Payments Platforms. Its NAICS code is 522320 and its SIC code is 6199.