TBI’s involvement in MyAccount confirms federal endorsement, legitimacy of initiative: KRG Advisor

ERBIL (Kurdistan24) – Hawre Kamal, an advisor to the Ministry of Finance and Economy of the Kurdistan Regional Government (KRG), told Kurdistan24 on Saturday: "The entry of the Trade Bank of Iraq (TBI) as a state-owned bank into the MyAccount initiative is the best evidence of the federal government's recognition of the project as a legal endeavor, based on the decision of the Iraqi Federal Supreme Court."

TBI on Nov. 4, announced a landmark partnership with the 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.