KRG Aims for 35% Financial Inclusion, Doubles ATM Network: PM Barzani
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KRG Aims for 35% Financial Inclusion, Doubles ATM Network: PM Barzani

ERBIL — As part of the ongoing reform process by the Kurdistan Regional Parliament’s (KRG) Ninth Cabinet, the region has planned to increase financial inclusion from nearly 5% to 35% this year.

“Financial inclusion in the Kurdistan Region will grow from less than 5% today to 35% by the end of 2024,” Prime Minister Masrour Barzani wrote on X.

“That’s why the ATM network, a critical piece of the journey, has nearly doubled in size through our partnerships with private banks,” the prime minister added.

Prime Minister Barzani, soon after taking office in 2019, began implementing the reform agenda of his cabinet, with the main focus being on finding alternatives for the oil sector to diversify the Region’s economy.

In early July 2023, the KRG Department of Media and Information released a report detailing the accomplishments of this cabinet as well as the challenges faced. During the cabinet of Prime Minister Barzani, the Kurdistan Region witnessed continued economic and investment activities despite economic challenges, including the recent stoppage of crude exports.

The MyAccount initiative is a crucial element of ongoing efforts to broaden options for citizens with diverse preferences. Beneficiaries can choose their preferred bank and gain transparent insights into all fees, products, and services.

Numerous banks have recently joined the initiative, as reported by the media department. On October 11, Prime Minister Barzani disclosed that 65,000 civil servants have enrolled in the MyAccount.

The initiative aims to promote healthy competition among banks, aligning with citizens' needs. It ensures that KRG beneficiaries can choose their preferred bank and obtain transparent insights into all banking charges, products, and services.

Earlier this month, the National Bank of Iraq (NBI) announced its participation in the My Account initiative, launched by Kurdistan Region Prime Minister Masrour Barzani in February. This inclusion emphasizes the KRG's strong confidence in the bank's high-quality banking services.

The NBI is acknowledged for its deep understanding of the needs of individual and corporate customers, showcasing continuous efforts to provide an exceptional banking experience and contribute to sustainable development in the country.

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