In a significant stride towards modernizing financial transactions, the first phase of the MyAccount initiative in Erbil province has successfully concluded, with approximately 190,000 civil servants registering within the last four months, as reported by the Kurdistan Regional Government (KRG) Ministry of Finance and Economy on Monday.

During this phase, over 6,000 employees have received their bank cards through the MyAccount initiative, marking a tangible shift towards digital payment methods. Notably, about 3,000 civil servants received their salaries through the digital platform last month alone.

According to the Ministry of Finance and Economy, the initiative has been seamlessly implemented without encountering any major issues. Preparations for the alpha launch of the program in Duhok and Sulaimani provinces are also reportedly in the final stages, showcasing the government's commitment to expanding this initiative regionally.

The pilot project is set to conclude in 2025 with the ambitious goal of integrating all civil servants into the digital payment system, streamlining financial processes and enhancing efficiency.

The Department of Information Technology (DIT) within the government played a pivotal role in the initiative's success. They designed, tested, piloted, and implemented a secure application for onboarding KRG employees into the program, aligning with the Central Bank of Iraq’s Know-Your-Customer (KYC) requirements, according to a press release shared with Kurdistan 24.

It is reported that four banks—Ashur, BBAC, Cihan, and RT—are actively participating in offering services for the MyAccount program. Erbil presently boasts about 50 ATMs from five private banks: RT Bank, Cihan Bank, Ashur International Bank, National Bank of Iraq, and BBAC Bank. Notably, all these ATMs are synchronized with MyAccount, except for the National Bank of Iraq.

The successful implementation of the MyAccount initiative not only marks a significant step towards a cashless economy but also showcases the Kurdistan Regional Government's commitment to embracing digital solutions for the benefit of its civil servants.