Capital market plays a major role in raising long-term capital required by various companies, institutions and government. The money raised in the capital market usually comes form private investors, insurance companies, pension funds and banks. Stock market is also part of capital market and predominantly deals with buying and selling of share issued by companies. Companies need new finance for expansion, development or other purposes and may choose to raise the required finance through the sales of shares in the company rather than taking on debt finance.
In this regard, the company:
-> Handles share subscription and registration tasks;
-> Acts as a transfer agent of shares;
-> keeps proper records of pledged share certificates and notify concerned parties to this effect.
CN undertakes pension benefit payment task on behalf of social security agency.Currently, CN makes pension benefit payments for more than 60,000 pensioner using its own and CBE branch outlets found throughout the country.
Employees of privately owned companies, NGO’s, Embassies and some International organizations are not covered by the pension scheme of the government. As such, these organizations enter into agreement with their employees to establish a provident fund scheme through mutual contributions both from the employer and the employees.
Thus, it could be said that provident fund is the sum of money raised by the contributions of the employer and the employee on monthly basis and set aside until the termination of the employer employee relationship. Such funds are usually administered by Trustee companies such as Commercial Nominees.
Commercial Nominees handles provident fund accounts of different organizations whose employees and employer contributions are monthly collected. Records of contribution made for employees are maintained in a computerized environment.
Advantages:-
Monthly Statement
Your organization will be provided with monthly statement of accounts detailing the name of the organization, the names of employees, employee contribution, employer contribution, and the respective balances as at a given date.
Loan handling
Some organizations have the practice of granting loans from the deposit retained by way of provident fund contribution. Since the balance of each employee’s account is readily available, an employee could be granted a loan by producing an instruction letter from the Provident Fund Management body (3) specifying the amount granted.
With more than 45 years of experience behind us, we are pioneers in the field. In addition, with highly qualified staff, Commercial Nominees is the only company that offers similar service efficiently and to the entire satisfaction of the customer.
Commercial Nominees renders efficient salary payment service to its customers. We have three modes of salary payments.
Payment at our Branches
Employees of client organizations will come to our branches located at different parts of Addis Ababa (20 branches) and regional states of the country (7 branches) on an arranged date and collect their salaries form our tellers.
Payment at client’s premises
In this salary payment service option is where we call at the client organization premises to deliver the service. Service is delivered in Addis Ababa at a mutually agreed location in a properly secured room.
Payment through CBE Branches
CN could also render this service using Commercial Bank of Ethiopia (CBE) branches which are located throughout the country. (ATM service is included)
CN in this regard handles and administers real estates and trusts established and owned by individuals, groups, NGO’s, Government Organizations, Business Organizations, Associations, Cooperatives, etc.
CN delivers western union money transfer services for along period of time. Western Union Money Transfer is one of the popular means of transferring money internationally. It has been used to send and receive money worldwide since 1871. Western Union is mostly identified as the fast, reliable, convenient and easy method of transferring money. It uses modern electronic technology and has its own worldwide computer network, which enables it to deliver a fast and secured transfer services. Western Union maintains an enormous agent location in more than 186 countries.
The Company delivers Western Union and other money transfer services in its outlets as a sub-agent of Commercial Bank of Ethiopia (CBE).
CN in this regard collects various types of taxes and bills on behalf of legally established organizations. CN collects various types of taxes on behalf of Ethiopian Revenue Agency.
The company effects compensation and other types of payments to the beneficiaries of its clients. Currently, CN undertakes compention payments behalf of ethiopian Road Authority using its own outlets and CBE branches.
The company provides local employment service for clerical and non clerical professions, mainly security guard, cleaning and other clerical services. The number of employees employed in these service has reached 8,000 in the year 2012/13
We are distributor of ethio telecom products at the South East Region. We distribute the products to retailers through our sub distributors and own outlets opened at Bisheftu, Modjo, Adama, Zeway, Assela, Robe, Wenji, and Metehara. We also retail the products in Addis Ababa
we buy, maintain, develop and resale buildings to make profit.
we also sale different assets of third parties on commission bases.