Sunday, June 16, 2024

Berhan Bank aims to surpass capital threshold


Berhan bank aims to stretch its capital to 8-10 billion birr in the coming five years.
In accordance with the National Bank of Ethiopia regulation which states that with in the transition period of five years the existing commercial banks ought to boost their capital to five billion birr; Berhan plans to pump its capital to 8-10 billion.
According to Abreham Alaro, president of the bank, currently the initial capital of Berhan bank stands at 3 billion birr. To this end the president stated that the bank will work to increase its capital by engaging in various new services.
On Wednesday June 9, 2021 the bank signed an agreement with the Ministry of Revenue to start giving Electronic tax /E-tax/ service.
As Abreham stated, the agreement will help to increase digital financial service by improving the service income collection of the ministry. “The bank has been working to test the system by fulfilling all the pre requirements where all the effort to connect the bank system with the ministry has been completed. Customers who both live locally and broad can pay their tax using all the digital options that Berhan offers,” the president noted.
Moreover as the president told capital, the bank is working to connect its system with Ethio telecom to work on Telebirr. Berhan with in the coming few days will link itself with Telebirr services enabling customers to transfer money from their Berhan account to Telebirr.
In addition to Berhan, The Ministry of Revenue has also signed an agreement with three private banks, including the Commercial Bank of Ethiopia, to make the tax system more efficient and cost-effective.
State Minister for Legal Affairs of the Ministry of Revenue, Zemede Tefera, said the agreement is a good one as it will benefit taxpayers from all parts of Ethiopia except Addis Ababa.
The Ministry has been working with the Commercial Bank of Ethiopia (CBE) to integrate the electronic tax system into the system.
The Director General of the Information Network Security Agency, Shumete Gizaw, has said that taxpayers have a responsibility to ensure the security of their information wherever they pay their taxes.

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