Trade Bank of Iraq partners with KRG on financial inclusion initiative for civil servants
The MyAccount initiative is set to transform how civil servants receive their salaries by enabling them to manage their funds through individual bank accounts.
ERBIL (Kurdistan24) – The Trade Bank of Iraq (TBI) has announced a landmark partnership with the Kurdistan Regional Government (KRG) through the MyAccount initiative, a program designed to streamline the salary payment process for the Kurdistan Region's more than one million civil servants. This initiative, aligned with the directives of Iraqi Prime Minister Mohammed Shia al-Sudani and decisions from the Federal Supreme Court of Iraq, underscores the importance of TBI’s involvement in enhancing the region's financial infrastructure.
The MyAccount initiative is set to transform how civil servants receive their salaries by enabling them to manage their funds through individual bank accounts. This development is expected to boost financial inclusion across the Kurdistan Region, with around 1,000 ATMs scheduled to be installed throughout the region to facilitate easy and secure access to funds.
According to a press release provided to Kurdistan24, the KRG’s Department of Information Technology (DIT) has developed a secure application for the MyAccount initiative, ensuring civil servants' data complies with the Central Bank of Iraq's Know-Your-Customer (KYC) regulations. This application provides a streamlined, secure onboarding process for civil servants, fostering confidence in digital banking solutions within the region.
Eight banks have committed to the MyAccount program, including BBAC, Cihan Bank, RT Bank, Bank of Baghdad, Iraqi Islamic Bank, National Bank of Iraq, TBI, and the International Development Bank. The participation of these institutions highlights the growing momentum of public and private sector collaboration in advancing financial services.
The MyAccount initiative not only aims to enhance financial accessibility for civil servants but also reflects the KRG’s broader commitment to modernization and financial security. Through this project, the KRG is paving the way for a more efficient and financially inclusive environment for public sector employees across the region.