an agreement was signed today between Da Afghanistan Bank and the Ministry of Finance to link their payment systems. The signing took place in Kabul, attended by key officials including Sediqullah Khalid, First Deputy Governor of Da Afghanistan Bank, and Abdul Qadir Ahmad, Deputy Finance Minister.
During the signing ceremony, Khalid emphasized the importance of this agreement, describing it as a fundamental step towards transparent revenue collection and the electronic payment of emirati expenses and salaries. He stated, “This agreement marks a major development for the financial sector of the country, ensuring transparency, accountability, and standardization in financial processes.”
With the new electronic payment system, all transactions will adhere to international standards. This initiative is expected to reduce physical cash transactions, mitigating risks associated with money transfer and deterioration. Khalid noted that revenue agencies will now be required to collect their revenues through banks, emphasizing a shift towards transparent financial practices.
Mawlavi Shah Hussain Hussaini, Director General of Revenue at the Ministry of Finance, highlighted that ministries and departments currently face challenges in revenue collection, particularly in areas lacking bank branches. The new memorandum of understanding aims to facilitate electronic revenue collection, ensuring timely transfers to the Ministry of Finance’s single account.
Hussaini expressed confidence in the initiative, stating that it would provide convenience to clients, allowing them to pay taxes and fees quickly and without additional costs. He reaffirmed the commitment to implementing the directives of the Leader of the Islamic Emirate, aiming for a comprehensive electronic revenue collection system across all ministries.
In addition, the upcoming integration of the new “IFMS” system with Da Afghanistan Bank’s payment system will enable electronic payments without the need for physical checks. This transition is expected to enhance efficiency, reduce costs, and improve the overall speed of financial transactions.
The restoration of these payment systems, previously shut down by foreign companies, marks a pivotal step in rebuilding Afghanistan’s financial landscape. With this initiative, both government revenue management and private sector transactions are set to become more efficient, paving the way for a more stable economic environment in the country.
