Trade Bank of Iraq joins KRG’s My Account project to digitize salary payments for public employees

NEWSROOM — The Trade Bank of Iraq announced Sunday night that it has partnered with the Kurdistan Regional Government on the My Account project, aiming to localize salary distribution for employees in the Kurdistan Region.

“In alignment with the Federal Supreme Court’s decisions and under directives from Prime Minister Mohammed Shia’ Al Sudani, the Trade Bank of Iraq is participating in the process of localizing salary payments for employees in the Kurdistan Region,” TBI said in a statement.

TBI becomes the eighth bank to join the KRG’s banking initiative. As of the latest data, over 700,000 employees in the Kurdistan Region are registered with the “My Account” system, with registration still open. Approximately 300,000 banking cards have already been issued, enabling employees to receive salaries through ATM.

Launched in September 2023, the My Account project is an ambitious KRG initiative to promote financial inclusion and the region’s banking sector through the digitization of salary payments for over one million public sector employees, ensuring every resident has a checking account. It promises access to digital banking services, payday notifications, access to debit cards, and the ability to withdraw salaries at locally at ATMs across the region.

To support the system, 250 ATMs have been installed across the Kurdistan Region’s four governorates, with plans to increase the network to over 1,000 ATMs.