2024-08-02 15:48:39
- Goal, pooling public funds
- To facilitate treasury management,
- And under the care of the army
Faso President Ibrahim Traore launches the Treasury Deposit Bank in Ouagadougou, Friday, August 2, 2024. The Minister of Economy, Finance and Vision said the bank will centralize public funds and facilitate the management of the treasury. It will also provide quality services through digital tools.
To this end, the buildings of the Public Finance Service were renovated.
The mission of the bank that opened in the capital is to promote better economic governance in line with the third axis of the National Stability and Development Plan. “To improve economic governance, it is important to pool public funds and improve the management of the treasury. It is in this sense that this Treasury Bank was created”, explains Aboubacar Nacanabo, Minister of Economy, Finance and Foresight. In fulfilling its mission, the Treasury Bank will provide quality banking services through digital tools, thus improving the provision of public financial services by pooling public funds. The boss of the Burkinabe economy is convinced that “this is a bank that truly serves the Burkinabe economic recovery, cash flow management and overall improvement of governance”. To successfully fulfill its mission, the new bank relies on its network in 45 provinces throughout the country. This makes it one of the most representative institutions in Burkina Faso, superior to most traditional banks. To do this, it will have a complementary relationship with other banks and institutions operating in Burkina Faso. “It is a complementary relationship because the Ministry of Finance has no intention of taking on all the activities of other banks. This is essentially to facilitate the management of the public treasury. There is really no competition with other banks. Moreover, we work with them on multiple levels. It will be a real complementary relationship. Public Finance is very decentralized. Its operations are spread across 45 provinces of the country, but it is not easy to find other banks everywhere. Where banks are not, the public treasury will be there,” assured Abubakar Nakanabo.
The Treasury Depository Bank is also known as the Bukinlin Bank to mark the nationalist character of the institution, which aims to work for the well-being of Burkina Faso and the country. To achieve this goal, bank officials handed over a batch of “Yennenga” bank cards to the Minister of State, the Minister of Defense and the Minister of Veterans Affairs for use by soldiers participating in the anti-terrorist front.
For the Minister of Economy, this will involve assisting the Ministry of Defense in its mission to take care of the military. “We have also handed over to the Minister of Defense a batch of ‘Yennenga’ bank cards for the soldiers. This is to make their task easier, since the soldiers are almost everywhere in the territory, often in places where it is difficult to access banking services. But since the Public Treasury is very decentralized, this will make it possible to facilitate operations at the level of the Ministry of Defense,” he explained.
Treasury deposit banks will soon be set up in the provinces to serve all sectors of society. “It will be a bank closer to the people and will contribute to the socio-economic development of our country,” President Faso said in a message on his X account.
Issa Sawadogo (collaborator)
Box:
Focus on Burkindling Bank”.
The main mission of BDT is to ensure the banking functions of the Public Treasury, in the interests of its clients, with a sound and transparent management of the finances of the State and local authorities.
Mainly responsible for collecting and managing the customer resources of Treasury Bank services; implementing the digitalization regulations of public funds management; providing customers with digital payment methods and ensuring their management, and developing and promoting innovative banking services.
The Minister of Economy and Finance, Dr. Aboubakar NACANABO, said the establishment of the BDT was in response to urgent calls for improved governance in the management of the Treasury’s deposit accounts to better centralize public funds, thereby enabling the establishment of medium- and long-term expenditure and financing forecasts and optimizing national cash flow management.
BDT’s clients mainly include public institutions that are obliged to deposit funds in public coffers, but also optional depositors. The services it provides range from the collection and management of resources to the execution of banking operations, including the provision of digital means of payment, development and promotion of innovative banking services.
Source: 𝐃𝐂𝐑𝐏/𝐌𝐄𝐅
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#Economy #Ibrahim #Traoré #inaugurates #Treasury #deposit #bank
