The Kurdistan Regional Government (KRG) has reached a major milestone in its financial reform strategy. According to the Ministry of Finance and Economy, more than 900,000 public sector beneficiaries have now registered for MyAccount, the region’s flagship financial inclusion programme.

This figure puts the KRG well on its way toward its stated goal of banking over one million citizens through institutions licensed and approved by the Central Bank of Iraq (CBI). With eight banks currently on board and over 465,000 salaries set to be delivered electronically this month, the shift toward modern banking is no longer a distant promise—it’s becoming a lived reality.

A Breakdown by Province

The numbers highlight widespread participation across the Kurdistan Region:

• Erbil: 401,815 beneficiaries

• Slemani: 278,630 beneficiaries

• Duhok: 220,155 beneficiaries

In total, 900,600 people have already enrolled, making this one of the most significant public sector digital rollouts in Kurdistan’s history.

Beyond Cash: Building Trust in Banking

For decades, cash has been the dominant mode of salary distribution in Kurdistan. While this system provided immediacy, it also created bottlenecks, security risks, and limited opportunities for people to engage with broader financial services.

By introducing MyAccount, the KRG is not just offering a new way to get paid—it is building trust in the banking system. Beneficiaries now have access to withdrawals at nearly 450 ATMs across the region, along with services at a growing number of bank branches.

Of course, challenges remain. Many older citizens may still feel more comfortable with physical cash in hand. But younger generations—accustomed to mobile banking, card payments, and online services—are more likely to embrace the convenience and transparency this system brings.

The importance of MyAccount extends far beyond payroll logistics. Globally, financial inclusion has been tied to poverty reduction, economic growth, and improved governance. When citizens are banked, they can:

• Build credit histories for loans and mortgages

• Save securely and plan for the future

• Reduce reliance on informal, high-risk cash systems

In countries like Kenya, for instance, mobile money platforms such as M-Pesa revolutionized financial access for millions. Similarly, in India, the Jan Dhan Yojana initiative brought hundreds of millions into the banking system, reshaping the economic landscape. Kurdistan’s MyAccount programme has the potential to follow a comparable path, adapted to the region’s unique context.

Prime Minister Masrour Barzani first announced the MyAccount programme in February 2023 as part of the 9th cabinet’s strategy to modernize the economy. At the time, the vision was clear: reduce dependence on cash, increase transparency, and bring citizens closer to the global financial ecosystem.

Two years later, the results are tangible. With nearly a million accounts created, the programme is more than an administrative reform—it is a cultural shift in how money is earned, saved, and spent in Kurdistan.

Personal Perspective

As someone who has watched the financial landscape in Kurdistan evolve over the years, I see MyAccount as a pivotal experiment in modernization. For many families, this system will represent the first time they’ve engaged directly with formal banking. That comes with both empowerment and responsibility.

The success of this programme will depend on more than just numbers—it will hinge on education, trust, and accessibility. Citizens must be taught not just how to withdraw salaries but also how to save, budget, and make use of additional financial services.

If implemented thoughtfully, MyAccount could become more than a payroll platform. It could serve as a gateway to a new chapter of economic confidence and independence for the Kurdistan Region.

🔗 For more information, visit the official website: www.myaccount.gov.krd