Fourth bank joins KRG’s MyAccount initiative

Several more banks are expected to join the initiative within the next few months, according to the KRG.

Kurdistan 24 2023/10/16 21:40

A customer accessing an ATM machine in the Kurdistan Region. (Photo: Kurdistan 24)

Kurdistan My Account initiative BBAC Bank KRG

ERBIL (Kurdistan 24) – The Kurdistan Regional Government (KRG) Department of Media and Information on Monday announced that BBAC Bank has joined the MyAccount financial inclusion initiative, bringing the total number of participating banks to four: Ashur, BBAC, Cihan, and RT.

MyAccount is the KRG's financial inclusion program which aims to "provide public sector beneficiaries with a safe, and convenient way to access their salaries."

The initiative is part of ongoing efforts to expand provisions for citizens with a wide range of preferences, where beneficiaries are able to select their bank of choice and have clear visibility over all fees, products, and services.

Several more banks are expected to join the initiative within the next few months, according to the media department.

On Oct. 11, Kurdistan Region Prime Minister Masrour Barzani announced that 65,000 civil servants have been registered to the MyAccount.

The pilot project will be finalized in 2025 with the goal of integrating all civil servants into the digital payment system.

The government’s Department of Information Technology (DIT) designed, tested, piloted, and implemented a secure application for onboarding KRG employees into the program in line with the Central Bank of Iraq’s Know-Your-Customer (KYC) needs, according to a press release previously shared with Kurdistan 24.