My Account: The Kurdistan’s Regions First Digital Payment Program
The Kurdistan Regional Government (KRG) launched the “My Account” initiative as part of the cabinet’s efforts toward a digital Kurdistan. My Account is a financial inclusion program that provides public sector employees and pensioners with a safe and convenient way to access their salaries. With this program, the KRG aims to modernize the banking sector, accelerating the KRG’s digital transformation agenda and promoting economic growth in the region.
The "My Account" initiative will provide public sector employees, pensioners, and security forces with safe, transparent, and convenient access to their salaries through a network of ATMs that will cover over 1,000 locations in the Kurdistan Region of Iraq (KRI). The program will also provide access to modern banking services, including loans, savings products, and digital payments. By digitizing all payments to approximately 1 million KRG employees, pensioners, and security forces, the program will reduce the reliance on cash transactions and increase government efficiency and transparency.
What is the KRG looking to achieve through this program?
For citizens:
Convenience and safety of accounts
Regular convenient, on-time payment of salaries without excessive queues
Ability to access funds at any point or place using mobile /internet banking without a branch visit
Reduction in the threat of theft of payroll and savings ● Access to financial products
Generation of extra income from placing idle cash in savings products
Purchasing goods and services or funding personal expenses using easily accessible loans
Improved financial literacy on an influx of financial products and services
Access to digital payments
Payment for online goods and services using debit or credit cards
Access to people-to-people transfers between different accounts and banks using mobile or internet banking
Receiving international remittances without having to visit exchange houses
For the KRI Economy:
Gradual increase in GDP due to the inclusion of the population in the formal banking sector
Consumer spending boost due to increase in retail borrowing
Jobs creation in the banking sector to cater to the inflow of new customers
Reduction in the reliance on cash transactions
Increase government efficiency and transparency
The emergence of digital payments for public services
The question remains: How can entrepreneurs and startups in the ecosystem benefit from this initiative? Can this make establishing tech startups easier in the region? It remains to see, and we look forward to knowing more!