DAB, MoF Ink MoU on Digital Payments
Da Afghanistan Bank (DAB) and the Ministry of Finance (MoF) signed a memorandum of understanding (MoU) regarding the transparent collection of revenues, Emirate expenditures, and digital payment of salaries.
In light of the recommendations of Amirul Momineen Hafidzahullah, such an MoU is considered an important step towards progress, transparency, and accountability in the country’s financial sector.
According to the MoU, Da Afghanistan Bank's Automated Clearing Settlement System (ACSS) and Afghanistan Payment System (APS) will be integrated with the Ministry of Finance’s systems, including ASYCUDA, SIGTAS, and AFMIS.
In the press conference held at the DAB’s head office, DAB’s Deputy Governor Sediqullah Khalid considered the initiative an important step towards advancing the country’s financial and banking system. He added that with the integration of these systems, revenues will be transparently collected, Emirate expenditures will be regulated via digital payments, employees' salaries will be paid on time, and facilities for traders in customs and banking will improve.
“Utilizing its internal capacities, Da Afghanistan Bank has rebuilt the payment systems, which is a significant step towards achieving financial independence,” Khalid said.
He further added that the MoU will not only increase transparency in revenue collection, Emirate expenditures, and salary payments, but also contribute to preventing financial corruption, improving accountability, developing banking services, and facilitating private sector affairs, which ultimately, will strengthen the country's economic stability and financial system.
Speaking at the press conference, the head of the MoF’s Revenue Department, Hafiz Mawlavi Shah Hussain Hussaini expressed his satisfaction that, following the return to power, the national budget is now funded annually through national revenues.
He hoped that all ministries and Emirate institutions would collect revenues transparently from existing sources and prevent loss.
Hussaini stated that ministries and Emirate institutions in the capital and the provinces previously collected national revenues through banks, and others were collected in cash, which posed challenges in the physical collection of revenues.
According to him, national revenues will, be collected transparently and electronically within a specified timeframe for the first time under this MoU and transferred to the MoF’s single account.
It is worth mentioning that integrating systems and the function of the electronic payments system will enhance the efficiency of financial operations and expand financial services. The process is expected to improve transparency, accountability, and the overall strength of standardized financial systems, ultimately contributing to the country’s economic stability and development.
Previously, these systems were developed by foreign companies at a high cost. However, their operation was halted following the Islamic Emirate of Afghanistan takeover. DAB transformed this challenge into an opportunity by rebuilding these systems using its internal capacities.
These systems are now fully owned by DAB. Moreover, their reconstruction was completed without additional costs, and they no longer require any annual maintenance expenses.
