Peregraf
The Kurdistan Regional Government’s (KRG) My Account (Hazhmari Mn) financial inclusion program remains unaffected by recent U.S. restrictions on Iraqi banks’ access to the dollar, according to Aziz Ahmed, Deputy Chief of Staff to the KRG Prime Minister.
“We have seen the news about more Iraqi banks being banned from accessing the dollar—meaning their customers can’t use their cards abroad, among other things. The banks in the KRG’s financial inclusion program My Account remain unaffected by this news,” Ahmed stated. He emphasized that all banks in the initiative undergo strict due diligence, including financial and compliance checks under Iraq’s Central Bank regulations. Additionally, he revealed that two respected international banks will join the program in the coming weeks, signaling growing confidence in the initiative.
The My Account project, spearheaded by KRG Prime Minister Masrour Barzani. Since its launch, over 720,000 individuals have registered, with more than 550 ATMs installed at 200 locations.
The initiative aims to digitize salary payments, however, My Account has been a source of contention with Iraq’s Tawteen program, which also seeks to transition public sector employees to digital salary payments.
While My Account requires biometric registration and utilizes private, non-governmental banks as part of the KRG’s broader digital transformation strategy, Tawteen facilitates account openings within Iraq’s national banking system to promote direct salary deposits. The two approaches highlight differing financial policies between the KRG and the federal government.