ERBIL, Kurdistan Region of Iraq - The Trade Bank of Iraq (TBI) announced on Wednesday its readiness to participate in the process of the nationalization of Kurdistan Region’s civil servants’ salaries through the Kurdistan Regional Government’s (KRG) My Account initiative under the Central Bank of Iraq’s (CBI) supervision.

According to a statement released by the bank, “a specialized delegation from TBI, led by the Erbil branch manager, met with a delegation from the KRG in Erbil province to discuss the mechanisms for nationalizing the salaries of the Region’s civil servants in the bank.” 

The statement added that “during the meeting, discussions were held regarding the requirements for opening accounts, issuing cards, and deploying ATMs across the Region to facilitate cash withdrawals for employees.”

The TBI delegation said that the nationalization process for the salaries of employees in the Kurdistan Region is of utmost importance to PM Mohammed Shia' al-Sudani, who personally oversees it due to its significance to the Region's residents.

The delegation further affirmed that the bank is awaiting the KRG’s submission of lists of employees whose salaries will be nationalized, along with supporting documentation, in order to commence and execute the salary nationalization process.

In its endeavor to advance the Kurdistan Region towards a cashless economy, the KRG initiated the digitization of the payroll system for over one million public sector beneficiaries, through the My Account initiative which started in September 2023.

This initiative aims to modernize the method by which civil servants receive their salaries, enhancing financial stability and granting beneficiaries access to a diverse array of financial services, including savings accounts.

The My Account program is endorsed by and implemented in close coordination with the Central Bank of Iraq (CBI).

Registered users can securely and transparently access their salaries via a network of over 1,000 ATMs located throughout the Kurdistan Region.

The project is currently partnering with various banks such as BBAC, Cihan Bank, NBI, RT Bank, Bank of Baghdad, Iraqi Islamic Bank, and now TBI, with more banks anticipated to take part.

Aziz Ahmad, Deputy Chief of Staff to KRG PM Masrour Barzani and Director of the MyAccount initiative, has expressed his appreciation for the participation of TBI in the nationalization process of salaries.

We have a deal.

Trade Bank of Iraq is joining #MyAccount, the salary domiciliation initiative in the Kurdistan Region.

TBI joins six of Iraq's other top banks in the programme, giving KRI citizens an even wider choice of banking products and services.

This is great news for… pic.twitter.com/FnXty1FOe2

— Aziz Ahmad (@azizkahmad) May 8, 2024

To date, the program has facilitated the establishment of over 240,000 bank accounts for employees of the KRG, along with the distribution of over 120,000 banking cards.

This initiative forms part of the KRG's strategy to improve financial accessibility and streamline processes within the Region.