The Kurdistan Regional Government announces the launch of the "My Account" initiative

The Kurdistan Regional Government announced the "My Account" initiative, which is a comprehensive financial program that aims to provide a safe and convenient way to pay the salaries of employees, security forces and retirees from the public sector.

The project aims primarily at modernizing the banking sector, promoting economic prosperity in the Kurdistan Region, and accelerating the process of electronic transformation in government services, and it is an essential part of the vision of the Prime Minister of the Kurdistan Regional Government, Masrour Barzani, to advance reform and radical change and support employee payments electronically in the Kurdistan Region.

Through this initiative, public sector employees, retirees and security forces can access their salaries by automated teller machines (ATMs) in a safe and transparent manner in more than a thousand centers throughout the Kurdistan Region, which facilitates access to modern banking services, especially loans, savings and electronic payments.

This initiative will secure payments for about one million employees, security forces and retirees, reduce dependence on cash transactions, and enhance government transparency and performance.

In the pilot phase of the initiative, the Kurdistan Regional Government will electronically fund the salaries of about 850 employees of gynecological and maternity hospitals in Erbil in their bank accounts.

The pilot project will test the effectiveness of the process and identify the required improvements before it is rolled out in June of this year to all government departments, a process that takes two years to implement. Project benefits The project has various benefits for the citizens of the Kurdistan Region, and in terms of facilities and safety of accounts, it will lead to the regular and timely payment of salaries without the need for queues and long waiting.

It will also enable employees to access their funds from anywhere using the banks' mobile applications without the need to visit their branches.

The project will also reflect positively on the additional income from putting stagnant (non-moving) funds into savings, purchasing goods or services, or paying personal expenses through soft loans.

It is also possible to pay money to buy goods and services online, send transfers between different accounts, and receive international transfers without the need to visit exchange offices.

At the same time, this step will lead to the involvement of citizens in the banking sector, which will contribute to gradually increasing the gross domestic product and enhancing consumer spending as a result of increasing personal loans and creating more job opportunities in the banking sector. Department of Media and Information February 28, 2023