The National Bank of Iraq (NBI) has joined the My Electronic Financial Account project, according to the Kurdistan Regional Government’s announcement on Friday.
The project now involves five participating banks: Ashur, Bank of Beirut, BBAC, Cihan Bank, and National Bank of Iraq (BNI).
This step is part of the regional government’s ongoing efforts to expand the Hasabe project’s scope of work, providing more services to subscribers, beneficiaries, and employees.
The purpose of this step is to encourage healthy competition in the banking and financial services industry. The government has announced that it will provide further clarifications regarding the fees and offers submitted by these banks.
The Kurdistan Regional Government plans to further collaborate with the National Bank of Iraq and other banks. It is expected that starting from the beginning of the next year, an electronic digital payment system will be implemented for citizens. This system is hoped to encourage other banks to participate in the account project.