KRG announces latest statistics for the "MyAccount" project

ERBIL (Kurdistan24) - The Kurdistan Regional Government (KRG) has announced the latest statistics for its "MyAccount" project, a strategic initiative aimed at modernizing the region's banking and payment systems.

As of now, 400,000 salaried employees have registered in the "MyAccount" project. 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).

There are currently 231 ATMs available throughout the Kurdistan Region, with plans to increase 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.

The 'MyAccount' Initiative

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

For Citizens:

- Ensures timely and secure salary disbursements.

- Reduces the risk of theft and long queues for salary collection.

For Financial Products:

- Allows earning additional income by investing idle money into savings or financing personal expenses through soft loans.

- Enhances financial literacy among citizens.

For Digital Payments:

- Facilitates online purchases and money transfers via bank cards and mobile applications.

- Enables receiving international transfers without the need for banking and transfer offices.

For the Kurdistan Region’s Economy:

- Increases local production through greater citizen participation in the banking sector.

- Raises consumer spending due to higher individual loan rates.

- Creates job opportunities in the banking sector.

- Reduces dependence on cash transactions and improves government performance and transparency.

Future Projections

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.

The continued rollout of the "MyAccount" initiative represents a significant step towards 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 the banking mechanisms rather than the process itself, as the banking operations through "MyAccount" have already commenced.

Aziz Ahmad, Deputy Chief of Staff to the Kurdistan Region's Prime Minister, stated that the Federal Court will issue a correction this week 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.

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 is part of the ninth cabinet of the Kurdistan Regional Government's efforts to improve the banking sector, 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 represents a significant milestone in the KRG's ongoing efforts to strengthen public sector finances and modernize the regional economy.