Iraqi Kurdish parties reach deal on digital finance system

ERBIL,—Iraqi Kurdistan Region’s two leading rival political factions, the Kurdistan Democratic Party (KDP) and the Patriotic Union of Kurdistan (PUK), have agreed to transfer control of the “My Account” and “Light Project” programs to the Kurdistan Regional Government (KRG) ministries, sources familiar with the matter told local media.

As part of the new agreement, oversight of the “My Account” “Hisabi” “Hejmarî min” program will shift from the Prime Minister’s Office to the Ministry of Finance and Economy.

The transition comes as part of ongoing negotiations between the two main political blocs over governance and service management.

According to a letter signed by Umed Sabah, Chief of Staff in the Council of Ministers, the Ministry of Finance will now handle all procedures tied to the “My Account” initiative, including the processing of public sector salaries. The project will continue under existing legal frameworks and with oversight aligned with guidelines issued by the Federal Bank.

A representative from the PUK-KDP joint committee involved in recent discussions confirmed that both sides reached consensus to shift the program. “This decision ensures that employee accounts will be protected and accessible only to the account holders,” the delegate said.

The program allows employees across the Kurdistan Region to receive salaries via designated bank accounts.

Once fully under the Ministry of Finance, banks operating within the region will be allowed to participate in the system, giving public servants the freedom to choose their preferred financial institution.

Meanwhile, the “Light Project” — an initiative related to infrastructure or energy services — will now be managed by the Ministry of Electricity. A source within the Council of Ministers verified the decision, noting that full authority over the project will be handed to the relevant ministry.

The “My Account” platform was first introduced in March 2023 as a regional alternative to Baghdad’s Tawtin program, which also aims to distribute salaries through electronic banking rather than cash.

The initiative faced resistance, particularly in Sulaimani, where PUK leaders previously encouraged workers to sign up for Tawtin instead.

PUK opposition shifted after power-sharing talks resumed with the KDP. “We’re in discussions on both Tawtin and My Account. Talks are progressing,” said PUK leader Bafel Talabani earlier this year.

To date, over 1.2 million employees across the region are eligible for “My Account.” As of March, more than 732,000 employees had registered for “My Account”, with over 405,000 debit cards issued and more than 550 ATMs installed throughout the region.

In February 2025, the International Financial and Commercial Center, the first of its kind in Iraqi Kurdistan, officially opened its doors in Sulaimani.

(With files from Rudaw | Channel8)