Egypt's electronic payment system surpasses LE 7.8T, benefits 20M citizens annually

CAIRO - 20 November 2023: Minister of Finance, Mohamed Maait, stated on Monday that the electronic payment and collection system, covering more than 500 million transactions annually, benefits 20 million citizens. Since its launch in 2019, the value of its services has reached LE 7.8 trillion.

 

According to a statement from the Ministry of Finance, the minister added, during his speech at the 27th edition of the Cairo International Technology Exhibition and Conference "Cairo ICT," that the total transaction value for 59 economic entities through the system during the fiscal year 2022-2023 amounted to about LE 3.46 trillion.

 

He mentioned that the government's revenue through the electronic collection system reached LE 1.15 trillion in 2023, with a growth rate of 20 percent. Government payments amounted to LE 2.3 trillion, with an 18 percent increase, relying on the payment infrastructure of the "E-Finance for Financial and Digital Investments" group.

 

"We have made significant progress in the digitization of government services and the localization of distinguished international experiences in the application of digital systems. This contributes to improving the efficiency and effectiveness of government performance and enhancing the quality of services provided to citizens,” the minister said.

 

He explained that the Ministry of Finance is working on restructuring its procedures and sectors through digital transformation, building, developing, and using systems and data to maximize their benefits in making quick and accurate decisions aimed at maximizing state revenues and rationalizing its spending.

 

The minister pointed out that the financial facilities operation technology company "E-Finance" has been able to develop its capabilities in the field of digitization, making it the main strong, flexible, and fast technological arm of the state in implementing the national digital transformation project.

 

He noted that "E-Finance" played a pivotal role in building and operating platforms for integrating government financial services, completing the integration of government revenues (economic bodies and the budget authority), developing the general state budget preparation systems, implementing the state employee system, and also integrating the Ministry of Finance's systems.