The Kurdistan Regional Government (KRG) announced on Thursday that the International Development Bank (IDB) has joined the MyAccount project, marking it as the eighth bank to participate in this strategic initiative. This development provides salaried employees in the Kurdistan Region with increased flexibility and options for selecting their banking services.

The MyAccount initiative, a key project of the KRG's ninth cabinet, is designed to enhance the region's banking infrastructure, minimize cash transactions, and streamline salary distribution for employees across Iraq and the Kurdistan Region. The initiative aligns with the broader goal of modernizing financial systems and ensuring more efficient and secure salary payments.

Recently, the Trade Bank of Iraq (TBI) became the seventh bank to join the MyAccount project. As of early June, 400,000 employees have registered for the initiative. On June 4th, the Ministry of Finance announced that TBI had commenced the distribution of the first batch of bank cards, providing 368 employees across various ministries with access to their salaries through the new system. The ministry is currently awaiting the issuance of additional cards to further expand the program.

The seven other banks already participating in the MyAccount project include BBAC, Cihan Bank, RT Bank, Bank of Baghdad, Iraqi Islamic Bank, National Bank of Iraq, and TBI.

To support this initiative, the KRG's Department of Information Technology (DIT) developed a secure application for enrolling civil servants in the MyAccount program. This app ensures compliance with the Central Bank of Iraq's Know-Your-Customer (KYC) requirements, providing a secure and streamlined process for employees.

The inclusion of IDB in the MyAccount project is a significant step towards achieving the KRG's objective of a modernized, efficient, and secure financial system, benefiting both employees and the overall economic infrastructure of the Kurdistan Region.