Economy

Kurdistan Region's digital banking initiative expands as eighth bank joins "MyAccount"

The project marks a significant step in the Kurdistan Region's financial modernization efforts, transitioning from a cash-based to a digital banking system while promoting greater financial inclusion & transparency in public sector payments.

Two citizens using designated ATMs to withdraw money. (Photo: Kurdistan24)
Two citizens using designated ATMs to withdraw money. (Photo: Kurdistan24)
Kurdistan MyAccount Digitalization Kurdistan Region Banking System Digital Banking

ERBIL (Kurdistan24) - The Kurdistan Regional Government's (KRG) digital banking initiative "MyAccount" (Hejmara Min) continues to gain momentum as the Trade Bank of Iraq (TBI) becomes the eighth bank to join the program, marking a significant milestone in the region's financial modernization efforts.

Read More: Trade Bank of Iraq partners with KRG on financial inclusion initiative for civil servants

Current Progress

- Over 700,000 public sector employees have registered for the program

- 300,000 banking cards have been distributed

- 250 ATMs installed across the region's four provinces

- More than 150,000 employees received their September salaries through the system

Participating Banks

The project now includes eight major financial institutions:

1. Cihan Bank

2. RT Bank

3. Bank of Baghdad

4. Iraqi Islamic Bank

5. National Bank of Iraq

6. Trade Bank of Iraq (TBI)

7. BBAC

8. International Development Bank (IDB)

Infrastructure Development

The initiative has deployed 250 ATMs across the Kurdistan Region's four provinces, with plans to expand to over 1,000 units. To ensure smooth transition, the project provides on-site assistance at ATM locations and maintains a dedicated customer service center accessible through the hotline number 1991.

Future Outlook

KRG Prime Minister Masrour Barzani has repeatedly emphasized the government's commitment to enroll all public sector employees in the banking system by next year. The number of employees receiving salaries through the system is expected to increase monthly.

"MyAccount" represents a strategic initiative of the KRG's ninth cabinet, aimed at modernizing the public sector payroll system and strengthening financial infrastructure. The project targets more than one million public sector employees, security forces, and pensioners across the Kurdistan Region.

Strategic Objectives

The initiative serves multiple purposes:

- Digitalization of public sector payments

- Reduction of cash-based transactions

- Enhanced government efficiency

- Improved financial transparency

- Alignment with Iraq's central banking regulations

The project marks a significant step in the Kurdistan Region's financial modernization efforts, transitioning from a cash-based to a digital banking system while promoting greater financial inclusion and transparency in public sector payments.