The My Account Project
Digital Transformation in Kurdistan
In an effort towards modernizing the Kurdistan Region, Prime Minister Masrour Barzani took the initiative to transform the region into a cash-free society. The launch of the pilot program of the MyAccount initiative in February 2023 marked the start of this journey.
The project is designed to digitalize the payment processes for over a million public sector beneficiaries, including employees, security forces, social security beneficiaries, martyred families, and pensioners.
The MyAccount initiative is not just a program; it is a comprehensive financial overhaul aimed at regulating the payment of public sector salaries, enhancing financial security, and offering a range of financial services like savings accounts and banking facilities.
Aiming to reduce the dependency on cash transactions, this initiative paves the way for a modern banking sector, promoting economic growth and expediting government digitalization – a core aspect of Prime Minister Masrour Barzani's vision for reform, change, and a digitalized society.
The program’s pilot phase
During the pilot phase at the public Children and Maternity Hospital in Erbil in February 2023, 841 employees of the hospital staff were the first to start their new financial journeys.
They were facilitated to open accounts at their preferred private banks, transitioning from traditional cash disbursements to receiving their salaries via electronic transfers.
This initial phase was crucial for testing the system's effectiveness and implementing necessary adjustments before the full rollout to all public institutions.
This came coupled with the benefit of instant notifications of salary deposits and access to a diverse range of financial products, including savings accounts.
During the course of the pilot program, 96% of participants highlighted their preference to be enrolled in private banks as their ATM networks were more extensive and more easily reached.
While 93% noted their awareness on the uses of ATM machines and the process of withdrawing and depositing cash.
Furthermore, 44% of pilot beneficiaries required assistance in using ATM machines and dealing with their bank accounts, but that number dropped to 15% during the following month.
This holistic approach to banking signaled a promising start to the government’s expansive vision for the MyAccount initiative.
Security and Convenience
Instant notifications on salary deposits, easy access to over 1,000 new ATMs currently being deployed across Kurdistan, and decreased risks associated with cash transactions ensure a seamless financial experience.
Holistic Financial Products
Opportunities for additional income through savings, access to consumer loans, and heightened financial literacy foster a mature financial ecosystem.
Digital Payments Ecosystem
nternationally-recognized debit cards, inter-bank transfers, and effortless international remittances revolutionize everyday transactions.
Boosting GDP Growth
Catalyzing a rise in GDP through broader banking sector participation.
Increasing Retail Borrowing
Amplifying consumer spending via increased retail borrowing.
Creating Banking Jobs
Job generation in the banking sector.
Reducing Cash Reliance
Minimizing reliance on cash, culminating in enhanced government efficiency and transparency.
Digitizing Public Payments
Paving the way for digitized public service payments.
Achievements
Significant milestones have already been achieved, so far more than 400,000 governmental employees have joined the My Account project, reflecting a strong public interest and confidence in this digital transformation.
More than 250,000 bank accounts have been opened and debit cards disbursed over beneficiaries who can now access a wide range of banking services and benefit from digital transactions.
The program has been initiated across the region in cities such as Erbil, Slemani, Duhok, Soran, Shaqlawa, Choman,and Koya, with a robust team of over 350 specially trained agents ensuring a smooth, user-centric transition.
The project aims to extend banking service access from less than 5% to 35% by the end of 2024, a target supported by the rapid deployment of ATMs and collaboration with private banks which stand at 5 as of today, with the anticipated onboarding of more banking partners in the near horizon to further enrich the programs spectrum and ensure citizens have a wide selection of preferred banks to choose from.
The Future
Prime Minister Barzani emphasized the project's role in facilitating easier salary payments and banking services. With ongoing registrations, the My Account program is set to redefine the financial landscape of the Kurdistan Region, aligning with the government's commitment to progress and digital innovation. The My Account program stands as a beacon of modernization and financial reform. By embracing this change, Kurdistan is not only advancing its economic framework but also setting a standard for digital evolution in the region.
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