Unveiling "My Account" project: Secure, offers extensive services to public and private sector

Shafaq News / The Ministry of Finance and Economy in the Kurdistan Regional Government (KRG) affirmed, on Tuesday, that the "My Account" project for localizing employee salaries is "important and strategic."

It clarified that the project offers more than 19 banking services to employees, with a monthly cost of 2500 IQD for all services.

PROJECT OVERVIEW

The ministry stated, addressing some inaccurate and misleading information regarding the "My Account" project, deeming it "necessary to provide the public with accurate information about the project and its implementation steps."

The statement explained that "My Account" is "a significant and strategic project for KRG, executed by Prime Minister Masrour Barzani’s Office in coordination with the Ministry of Finance and Economy, with the knowledge of the Federal Prime Minister and approval from the Central Bank of Iraq (CBI)."

It further clarified that "the project's purpose is not to establish a bank but rather a comprehensive financial project aimed at providing a safe and convenient means of accessing various modern financial and banking services, including salary payments and various types of loans, thereby combating money laundering and corruption."

The statement emphasized that "the project will provide accurate and transparent data on expenditures and revenues, offering different types of loans to employees and beneficiaries in both the public and private sectors, ultimately contributing to economic development and revitalizing various sectors in the Kurdistan Region (KRI)."

PARTICIPATING BANKS

The statement highlighted five participating banks in the project: IIB, BBAC Bank, RT Bank, NBI, and Cihan Bank, all licensed by CBI.

It also mentioned a "strong relationship with the US Treasury Department to ensure the selection of reputable banks not subject to sanctions. Additionally, three other banks licensed by CBI are ready to participate in the project, while some banks have been excluded due to failure to meet project requirements or sanctions imposed by the US Treasury Department."

The statement noted that "according to CBI’s latest decisions, the capital of participating private banks must increase from 250 billion to 400 billion IQD by the end of 2024, serving the interests of employees' salaries in KRI and ensuring the protection of employees' salaries and savings."

BANKING PRODUCTS AND SERVICES

Moreover, "The project offers more than 19 banking services to employees, with a monthly cost of only 2500 IQD, compared to another localization project in Iraq that provides only one service, cash salary payment, at a cost of 6000 IQD monthly per million IQD."

"Another goal of the project is to provide public sector employees, retirees, and security forces with secure and transparent access to their salaries through ATMs. Approximately 1000 ATMs are planned to be installed throughout KRI, with about 100 ATMs already installed in Erbil operating 24/7. The installation of ATMs aligns with CBI's strategy for all Iraqi banks."

EXPANSION OF "MY ACCOUNT" PROJECT

The statement revealed that the "My Account" project is "currently being implemented in al-Sulaymaniya and Duhok governorates. Over the past few weeks, accounts have been opened for around 40,000 employees, and the first phase of reissuing bank cards to employees in these two governorates has begun."

"The project aims to create one million bank accounts for public sector employees by the end of the current year, in coordination with CBI, facilitating salary payments through bank accounts."

In conclusion, the statement emphasized the "continuous increase in the number of participating banks in the project, allowing participants to choose their preferred bank within the project and transfer between banks within the project."

It stressed that "only the account holder can modify their account, and every employee and salary earner will benefit from loans and advances from private banks based on their salary amount and the receipt obtained through their account."