At a Glance

• The MyAccount project team says all 19 banking services will be activated before the end of 2026.
• More than 1.01 million public sector payees currently receive salaries through payment cards.
• Seven participating banks will provide loans and advances under Central Bank of Iraq regulations.
• Salary cards are now enabled for purchases through point of sale terminals.

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The MyAccount project is entering a new phase by providing loans and financial advances to public sector employees, following more than three and a half years of salary payments focused primarily on cash withdrawals.

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Key Statements and Focus Area

• Loans: Seven participating banks will provide financing for vehicles, furniture, and household items before the end of the year.
• Interest Rates: Long-term loan rates will be determined in line with Central Bank of Iraq regulations and monetary policies.
• Cashless Payments: Salary cards have been enabled for point of sale transactions, supporting wider use of electronic payments.

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The main MyAccount office has finalized the transfer of administrative files to the Ministry of Finance and Economy, allowing participating banks to launch additional financial services before the end of the year.

Public sector payees will also have the freedom to transfer their accounts between participating banks, allowing banks to compete over interest rates and service fees.

The project office aims to expand the use of POS terminals and support the transition toward a cashless financial system in the Kurdistan Region.

According to Channel8 tracking data, seven of the project's 19 services carry fees. These include salary withdrawals, replacement of lost or damaged cards, PIN issuance, and withdrawing funds from another bank's ATM.

The remaining 12 services will be provided free of charge. They include account opening, mobile application management, online purchases, and SMS notifications.

FYI

More than 1.01 million of the project's 1.19 million public sector payees currently receive their salaries through payment cards.

The transfer of the My Account project to the Ministry of Finance and Economy is intended to complete the digitalization of salary payments for more than 1.1 million public sector payees across the Kurdistan Region.

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