Baghdad Bank has been approved by the Central Bank of Iraq (CBI) to participate in the Kurdistan Regional Government's (KRG) "MyAccount" project, as reported on Sunday.

The inclusion of Baghdad Bank in the project is poised to broaden the spectrum of banking services and products available to the people of the Kurdistan Region. This move is anticipated to streamline access to loans and facilitate private expenditures for the residents, according to the KRG's official website.

With six branches already established in the Kurdistan Region, Baghdad Bank's participation is expected to strengthen the banking infrastructure and further enhance financial accessibility for the local population. Additionally, it is reported that more banks are slated to join the initiative later this month, as revealed by information obtained by BasNews.

The KRG's concerted efforts in fostering partnerships with participating banks have resulted in the creation of over 200,000 bank accounts for public sector employees. The project is set to continue its momentum, with plans to register more than one million KRG employees by the year's end.

Rebaz Hamlan, Assistant to Kurdistan Region Prime Minister Masrour Barzani, provided insights into the expansion of the "MyAccount" project, aimed at digitizing the payroll system for over one million public sector workers. Hamlan shared that following the Ramadan period, additional Iraqi banks, including the Commercial Bank of Iraq TBI, will join the initiative.

Highlighting the collaborative efforts between the KRG and the federal government concerning the "MyAccount" project, Hamlan expressed optimism about visible progress post-holidays. He underscored the project's goal of transitioning towards a cashless society, which is expected to enhance financial security for beneficiaries and streamline financial transactions.

Since September 2023, the KRG has been diligently pursuing its mission to transition the Kurdistan Region towards a cashless society, starting with the digitization of the payroll system for its extensive public sector workforce. This initiative aims to simplify salary collection, reinforce financial stability, and provide beneficiaries with access to a wide array of financial services, including savings accounts.