The Kurdistan Regional Government (KRG) Ministry of Finance and Economy on May 8 announced that Trade Bank of Iraq (TBI) had joined the MyAccount program.
“We are pleased to announce that TBI is participating in the MyAccount project to digitize the salaries of the KRG,” the Ministry said in a press release.
“Following the instructions of KRG Prime Minister Masrour Barzani, representatives of the KRG and the MyAccount team held several meetings with representatives of TBI this week.”
“The meetings discussed the mechanisms and requirements for opening accounts, the process of issuing cards, and the deployment of ATMs throughout the region.”
“This is good news for public sector employees in the Kurdistan Region and the Iraqi financial sector,” the Ministry said. “We are pleased with this partnership and the benefits it will bring to the people of the Kurdistan Region.”
In a post on X, Aziz Ahmad, Deputy Chief of Staff to Prime Minister Barzani, wrote that “this is great news for our citizens and the country’s financial services sector as a whole.”
“TBI joins six of Iraq’s other top banks in the programme, giving citizens an even wider choice of banking products and services,” he added.
The KRG on April 7 announced that Bank of Baghdad had also joined the KRG’s MyAccount financial inclusion initiative.
The list of banks participating in the MyAccount program includes TBI, Cihan Bank, RT Bank, National Bank of Iraq, BBAC Bank, Iraqi Islamic Bank, and Bank of Baghdad, all of which are part of the Central Bank of Iraq’s Tawteen program.
Read More: MyAccount Financial Inclusion Project Follows Iraqi Regulations: KRG Officials
As part of its mission to shift the Kurdistan Region towards a cashless society, the KRG started digitizing the payroll process for its 1.2 million public sector employees in September 2023 by helping government workers to register with local banks.
The KRG’s MyAccount project aims to utilize advanced digital technologies to effectively and efficiently accelerate bank account creation for government employees.
