The Challenge

Since the pension law in Iraq allows a person to receive pension salaries from multiple institutions, the army, the government and Hash Shaabi etc., it has become challenging to ensure that there is an adequate proof-of-life system in place which is required for an accurate and targeted pension distribution.

Empowering Financial Digital Inclusion

To solve this problem, IrisGuard has partnered with Iraq E-Gate, a financial services company working with Al Rashid Bank that won a tender from the government to settle pensions. It has become mandatory by Iraqi law that pensioners register their irises to open an account at Al Rashid Bank and receive automatic monthly payments on their financial card with the requirement of visiting the bank each year to prove his/her life, otherwise the card will automatically be deactivated.

SCOPE OF PROJECT KEY BENEFITS  BENEFITS FOR BENEFICIARIES
  • Significant growth from initial 7,821 enrolled pensioners in Oct 2018
  • Scaling up to 193,879 pensioners during 2019
  • Serving 307,733 pensioners every month in 2021
  • Processing over 550M USD per year
  • 100% Accuracy using iris verification
  • Fraud elimination
  • Increases Efficiency
  • Streamlines registration process
  • Full audit trail accountability¬†
  • Protection personal entitlement
  • Speed of receiving personal entitlement
  • Dignity
  • Privacy

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