Kurdistan’s shift toward electronic banking is modernizing salary payments, boosting economic efficiency, and reducing reliance on cash transactions.
In Sulaimani, Erbil, and Duhok provinces, 500,000 salaried employees have been registered under the My Account project, according to a recent announcement. This initiative is part of Kurdistan’s broader movement toward adopting an electronic banking system, with significant progress already being made.
“Kurdistan is moving toward an electronic banking system. Important steps have been taken in this direction, with many banks opening branches in Kurdistan, and several are now involved in the My Account project,” Omid Khoshnaw, Erbil Governor, told The Kurdish Globe.
On September 16, 2024, the My Account announced that 500,000 employees have been registered across Sulaimani, Erbil, and Duhok provinces. The goal of the initiative is to open bank accounts for over one million public sector employees in the near future, offering an efficient and modern approach to salary distribution.
My Account project is a strategic project under the ninth cabinet of the Kurdistan Regional Government (KRG) and represents a significant turning point in salary payments and the strengthening of public sector finances. The project has been endorsed by the Central Bank of Iraq.
“The My Account project aim is to open bank accounts for more than one million salaried employees by the end of this year,” stated Governor Khoshnaw. “This will promote the banking sector and economy of the Kurdistan Region, as well as expand the ATM network across all regions and cities,” he added.
“My Account is an initiative from KRG’s ninth cabinet aimed at promoting the banking sector and digitizing payments for over one million employees, security forces, and pensioners. The move away from cash-based transactions is expected to reduce reliance on physical currency, improving efficiency and modernizing the region’s financial infrastructure,” Governor Khoshnaw added.
The Kurdish Globe