Khartoum: The Ministry of Finance and Economic Planning has initiated the implementation of Cabinet decision No. (150), which mandates the collection of government fees through the banking system. This move involves utilizing banking applications to streamline the process, and a government account has been established in five commercial banks.
According to Sudan News Agency, an expanded meeting led by the Minister of Finance and Economic Planning, Dr. Gebreil Ibrahim, included the participation of the Governor of the Central Bank of Sudan (CBoS) and his deputies, along with the Undersecretary of the Ministry of Finance and Bank General Managers. The meeting resulted in an agreement to limit the custody period of funds collected in the government’s account to a maximum of 48 hours. Additionally, the fees that banks collect from the Ministry of Finance on all revenues were reduced from 1% to 0.5%, and the fees collected from customers depositing funds were lowered from 1000 pounds to 500 pounds.
The Minister
of Finance highlighted the government’s commitment to digitization and electronic payments to ease public transactions and ensure timely government revenue collection. Undersecretary Abdullah Ibrahim emphasized that electronic payment aids in revenue flow and is a step towards financial inclusion. He noted that the CBoS National Payment Switch is not yet operational, prompting the ministry to open accounts with five commercial banks that possess private payment switches: Banks of Khartoum, Faisal Islamic, Omdurman National, Farmers Commercial, and Al-Baraka.
CBoS Deputy Governor Mohamed Osman underscored the significance of the agreement in facilitating the flow of government revenues, enabling the Ministry of Finance to meet its national economic obligations promptly.