ERBIL, Kurdistan Region of Iraq – Kurdistan Region Prime Minister Masrour Barzani on Tuesday inaugurated e-Psule, the Kurdistan Regional Government’s (KRG) latest initiative to modernize the banking sector, dubbing it “a great national achievement.”

The platform allows users to pay their bills digitally through several banks participating in the program.

The launch of e-Psule is “a great national achievement for all the people of Kurdistan, and an initiative for all the people of Iraq to benefit from,” said Barzani.

In addition to streamlining the payment of government bills, the Kurdish government also aims to “create better communication between businesses and citizens” through the digital payment initiative, Barzani noted.

He added that the program will also lend more clarity to both the government and the Kurdistan Region's people, and boost transparency regarding the flow of revenues and expenses

Ali al-Alaq, Governor of the Central Bank of Iraq (CBI), also attended the launch event on Mount Korek.

Alaq dubbed the digitalization of payments “one of the most important strategic axes toward economic and financial reform,” and stressed that developing that sector in Iraq is “incomplete without coordination in efforts with the Kurdistan Region.”

The Kurdish premier lauded the CBI Governor’s efforts in modernizing Iraq’s banking sector, stating: “I can say, if there were more people like him, Iraq would not be in a financial crisis.”

The initiative is part of the KRG's efforts to advance the Kurdistan Region toward a cashless economy, with other banking projects like MyAccount already having made significant strides toward that end.

“The benefits of a cash economy are limited,” the premier said, noting that MyAccount paved the way for e-Psule's launch, stressing the importance of making “digital systems a replacement for traditional systems.”

“This infrastructure requires the participation of all citizens. Our first step was to ensure that every citizen owns a bank account,” he added.

E-Psule aims to “simplify” the payment of utility bills through “a secure digital platform,” according to the project's official website.

The program currently includes electricity dues, including outstanding bills and previous debts owed to the government.

Cihan Bank, First Iraqi Bank (FIB), and the National Bank of Iraq (NBI), as well as online wallets such as Fastpay, AsiaPay, and Nass Wallet, have enrolled in the program as payment methods thus far, with more banks and wallets set to join in the future.

MyAccount is another KRG initiative that aims to modernize the government's payroll, with over 800,000 beneficiaries already registered into the program, receiving their salaries through digital channels from the government.