KRG’s new financial inclusion program will support a ‘robust’ economic infrastructure: PM Barzani

The absence of an “advanced” banking system in the Kurdistan Region and Iraq has contributed to the lack of confidence by our citizens and investors, PM Barzani noted. 
Kurdistan Region Prime Minister Masrour Barzani is pictured during a Q&A interview on the KRG's newly launched My Account initiative, which is a financial inclusion program. (Photo: KRG)
Kurdistan Region Prime Minister Masrour Barzani is pictured during a Q&A interview on the KRG's newly launched My Account initiative, which is a financial inclusion program. (Photo: KRG)

ERBIL (Kurdistan 24) – The recent financial inclusion program that the Kurdistan Regional Government (KRG) launched will lead to a strong economic infrastructure and facilitate direct foreign investment in the Kurdistan Region, Prime Minister Masrour Barzani said on Wednesday.

PM Barzani underscored the benefits of the new My Account program in a recorded video message today. The new pilot project was launched in February. 

Through the new system, the government intends to build a “robust economic infrastructure” for the Kurdistan Region, a “prerequisite” for attracting foreign investment, PM Barzani explained. 

The absence of an “advanced” banking system in the Kurdistan Region and Iraq has contributed to the lack of confidence by our citizens and investors, PM Barzani noted. 

“Unfortunately, there has not been a stable banking system in the Kurdistan Region. My government will continue to improve and expand the system to ensure greater confidence. 

The first stage of the project, as previously published, is to digitalize the public payment system, particularly the salaries of civil servants. The Iraqi and Kurdistan economy is still cash-based system.

Two local banks are participating in the “pilot project” that has integrated 850 employees. Additional financial institutions will be added to the program  in the “next six months.”

Previously, the Prime Minister visited Erbil’s Maternity Teaching Hospital, whose employees received their February salaries through the newly issued credit cards.

As required by federal law, participating banks in the program must be licensed by the Central Bank of Iraq, and comply with all its rules and regulations. Erbil and Baghdad have a good working understanding and cooperation in the program, he added.

PM Barzani highlighted the numerous benefits of the new system for its citizens, including easier access to loans, savings, and international financial transactions.

“It is a first step and significant turning point for economic revitalization and providing public services to our citizens,” he added.

The banking services will also help the government to boost transparency and prevent money laundering, among many other advantages, he noted. 

The project is part of the government’s reform program to increase transparency and provide better services to its citizens. The e-payment system has been under development since July 2019. 

It will also help the government address liquidity issues it faces with regard to paying the salaries of public servants on a timely basis. 

The government plans to complete the project by 2025. Until then, it will continue to educate its citizens about the enhanced banking services, as well as expanding the network of ATMs across the Kurdistan Region.

“I see a very bright future ahead for the Kurdistan Region,” PM Barzani concluded. 

Previously, the government implemented two other electronic systems: e-visas and driver's licenses.