Revealing the advantages of the “Hasabe” project: It is safe and provides great services to employee

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[size=52]Revealing the advantages of the “Hasabe” project: It is safe and provides great services to employees of the public and private sectors[/size]

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03-26-2024
The Ministry of Finance and Economy of the Kurdistan Regional Government confirmed, on Tuesday, that the “My Account” project to localize employee salaries is “important and strategic,” indicating that it provides more than 19 banking services to employees and the monthly cost of all services is 2,500 Iraqi dinars.[/size]
[size=45]The ministry said in a statement: “There was some inaccurate and misleading information against the (Hasabe) project, and we deemed it necessary to provide some information about the project and its implementation steps to the public.”[/size]
[size=45]About the project[/size]
[size=45]The statement explained that “(My Account) is an important and strategic project for the Kurdistan Regional Government, implemented by the Prime Minister’s Office in coordination with the Ministry of Finance and Economy, with the knowledge of the Federal Prime Minister and with the approval of the Central Bank of Iraq.”[/size]
[size=45]He added, “The purpose of the project is not to establish a bank, but rather a comprehensive financial project that aims to provide a safe and convenient means of accessing various modern financial and banking services, providing salaries, and paying various types of loans and advances by banks. It is also a source for preventing money laundering and ending corruption.”[/size]
[size=45]The statement continued, "The (My Account) project will provide accurate and transparent data on expenditures and revenues, as well as providing various types of advances to employees and beneficiaries in the public and private sectors, which will lead to economic development and revitalization of various sectors in the Kurdistan Region."[/size]
[size=45]Shared drains[/size]
[size=45]The statement indicated that “five banks are participating in the project: IIB, BBAC Bank, RT Bank, NBI, and Cihan Bank, and all of these banks are licensed and accredited by the Central Bank of Iraq.”[/size]
[size=45]He noted, “We also have a strong relationship with the US Department of the Treasury to ensure that we choose reputable banks that do not have sanctions, and all of these banks are well-known, experienced, and have a strong digital infrastructure.”[/size]
[size=45]He pointed out that “there are three other banks accredited by the Central Bank of Iraq that are currently ready to participate in the project, and some banks have been deprived of participating in the (My Account) project due to their failure to meet the requirements of the project or due to the imposition of sanctions on them by the US Treasury Department.”[/size]
[size=45]The statement explained, “It is worth noting that, according to the latest decisions of the Central Bank of Iraq, the capital of each of the private banks participating in the project must be increased from 250 billion to 400 billion Iraqi dinars by the end of the current year, and this decision is in the interest of salary employees in the Kurdistan Region and ensures the protection of salaries and savings.” employees".[/size]
[size=45]Banking products and services[/size]
[size=45]The statement added, “My account project provides more than 19 banking services to employees, and the monthly cost of all services is only 2,500 Iraqi dinars, compared to a resettlement project in Iraq, which provides only one service to the majority of employees, which is paying salaries in cash, while employees in a resettlement project in Iraq pay an amount of 6,000 dinars.” Iraqi dinars per month to salary distribution portals (PoC/outlets), i.e. 6,000 Iraqi dinars per million dinars.”[/size]
[size=45]He continued, "The other goal of the project is to provide public sector employees, retirees, and security forces with safe and transparent access to their salaries through ATMs. For this purpose, about 1,000 ATMs are scheduled to be installed throughout the Kurdistan Region, and currently about 100 ATMs are being installed in Erbil operates 24 hours a day. At the same time, the installation of ATMs in Kurdistan is in line with the Central Bank of Iraq’s strategy for all Iraqi banks.”[/size]
[size=45]Expanding the “My Account” project[/size]
[size=45]The statement continued, “The (My Account) project is currently being implemented in the governorates of Sulaymaniyah and Dohuk, and in the past few weeks, accounts have been opened for about 40,000 employees, and the first phase of returning bank cards to employees in the two governorates has begun.”[/size]
[size=45]He pointed out that “the goal of the (My Account) project is to create one million bank accounts for public sector employees by the end of the current year in coordination with the Central Bank of Iraq and to receive their salaries through bank accounts.”[/size]
[size=45]The statement concluded by saying, “The number of banks participating in the project is constantly increasing, and the participant in the (My Account) project has the right to choose his preferred bank within the project and transfer from one bank to another within the project, and no person or entity may modify the account of any account holder except the account holder himself.” Every employee and salary earner will benefit from loans and advances from private banks according to the size of his salary and the receipt you receive from his account.[/size]
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