New Bank Joins KRG's Myaccount Initiative
Date
10/18/2023 8:16:48 AM
(MENAFN- Iraq Business News)
By John Lee.
The Kurdistan Regional government (KRG) has announced that BBAC bank has joined the 'My Account' financial inclusion initiative, increasing the total number of participating banks to four: Ashur , BBAC , Cihan , and Region Trade Bank (RTB) .
It said this is part of ongoing efforts to expand the initiative and provide citizens with more options.
It added that the MyAccount initiative aims to promote healthy competition among the banks in line with citizens' needs. It also ensures that KRG beneficiaries can choose their preferred bank and have clear visibility of all banking fees, products, and services.
As part of its mission to shift KRI towards a cashless society, the KRG has started digitizing the payroll process for its 1M+ public sector beneficiaries, starting September 2023.
This initiative aims to streamline how public servants collect their salaries, improve financial security, and provide beneficiaries with access to a broad range of financial products including saving accounts.
The KRG anticipates the inclusion of more banks in the initiative in the near future.
More on My Account here:
(Source: KRG)
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