Erbil, Kurdistan Region - The Kurdistan Regional Government (KRG) has unveiled impressive new statistics for its "MyAccount" project, a strategic initiative designed to revolutionize the region's banking and payment systems. With 400,000 salaried employees already registered, the project is set to transform financial transactions across the region.

The "MyAccount" initiative, launched by Prime Minister Masrour Barzani on February 28, 2023, forms a key component of the ninth ministerial formation’s strategy for the electronic transformation of public services. This ambitious project aims to enhance citizen prosperity and facilitate business operations through a range of benefits.

Key Project Milestones and Services

To date, the project includes seven participating banks: RT Bank, Cihan Bank, Bank of Baghdad, Bank of Beirut and Arab Countries (BBAC), National Bank of Iraq (NBI), Iraqi Islamic Bank, and the Trade Bank of Iraq (TBI). Additionally, 231 ATMs have been deployed across the Kurdistan Region, with plans to expand this number to approximately 1,000 by the end of 2024.

"MyAccount" offers numerous services and benefits, including financial services, equity dividends, the ability to withdraw funds globally, and enhanced financial security. For citizens, it ensures timely and secure salary disbursements, reducing the risks of theft and long queues for salary collection. Financial products available through the initiative allow citizens to earn additional income by investing idle money into savings or financing personal expenses through soft loans. The project also aims to enhance financial literacy among the populace.

Economic and Social Impact

For digital payments, "MyAccount" facilitates online purchases and money transfers via bank cards and mobile applications, while enabling international transfers without the need for banking and transfer offices. Economically, the initiative is poised to increase local production through greater citizen participation in the banking sector, raise consumer spending due to higher individual loan rates, create job opportunities within the banking sector, reduce reliance on cash transactions, and improve government performance and transparency.

Future Projections and Government Support

During a special meeting at the Fourth Middle East Peace and Security Forum, hosted by the American University of Duhok on November 19, 2023, Prime Minister Masrour Barzani predicted that over one million government employees would register for the "MyAccount" project by the end of 2024. This ambitious goal highlights the project's significant role in modernizing financial transactions and enhancing economic stability within the Kurdistan Region.

The project and participating banks have met all requirements set by the Central Bank of Iraq, ensuring compliance and recognition. Discussions with the federal government have primarily focused on banking mechanisms, with banking operations through "MyAccount" already underway. Aziz Ahmad, Deputy Chief of Staff to the Kurdistan Region's Prime Minister, confirmed that the Federal Court will issue a correction affirming that citizens of Kurdistan, like all Iraqis, have the right to choose any bank approved by the Central Bank of Iraq to open a bank account.

A Milestone in Economic Modernization

The "MyAccount" project, endorsed by the Central Bank of Iraq, aims to open bank accounts for over one million salaried employees by the end of this year. This initiative represents a significant milestone in the KRG's efforts to strengthen public sector finances, boost the regional economy, and expand the ATM network across all areas and cities.

By promoting the banking sector and digitizing payments for more than one million employees, security forces, and pensioners, the "MyAccount" project aims to reduce reliance on cash transactions, enhance government efficiency, and increase transparency. This project stands as a testament to the KRG's commitment to modernizing the regional economy and improving the quality of life for its citizens.