KRG expands 'MyAccount' salary disbursement project

According to the MyAccount Project team, over 400,000 employees from various Kurdistan Regional Government (KRG) institutions have participated in the project, with 200,000 of them having received their bank cards.
MyAccount project. (Photo: Kurdistan24)
MyAccount project. (Photo: Kurdistan24)

ERBIL (Kurdistan24) - On Monday, over 5,000 employees in the Kurdistan Region are scheduled to receive their April salaries through the "MyAccount" project, marking a significant expansion on the number of employees who previously received their payments via the same method.

Aziz Ahmed, Deputy Chief of Staff to the Kurdistan Region's Prime Minister, confirmed that 500 employees received their April salaries on Sunday through the "MyAccount" initiative.

Currently, there are 231 automated teller machines (ATMs) available across the Kurdistan Region.

The regional government aims to increase this number to approximately 1,000 by the end of 2024.

Project Milestones and Statistics

According to the MyAccount Project team, over 400,000 employees from various Kurdistan Regional Government (KRG) institutions have participated in the project, with 200,000 of them having received their bank cards.

The Ministry of Finance and Economy of the Kurdistan Regional Government reports that the total number of employees in the region is 1,114,194, with a combined monthly salary estimated at approximately 913 billion dinars.

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.

Participating Banks

So far, seven banks are participating in the "MyAccount" project:

- Bank of Beirut and Arab Countries (BBAC)

- Cihan Bank

- RT Bank

- National Bank of Iraq (NBI)

- Bank of Baghdad

- Iraqi Islamic Bank

- Trade Bank of Iraq (TBI)

 

The continued rollout of the "MyAccount" initiative represents a significant step towards modernizing financial transactions and enhancing economic stability within the Kurdistan Region.