E-Finance technology company will raise its investments in the company’s infrastructure outsourcing by EGP 327m during 2015, according to Chairman of the Board Ibrahim Sarhan.
The figure represents an increase of EGP 141m compared to investments made in 2014.
Sarhan added that the company achieved consolidated revenues by the end of last year amounting to EGP 321m.
In press statements Tuesday, Sarhan said the company plans to achieve EGP 400m revenues at the end of this year. It will also take into account the government decision obliging public institutions to pay salaries through a smart card, which starts from June.
“1,900 governmental institutions benefit from this decision and will be implemented by the National Bank of Egypt (NBE) and Banque Misr,” Sarhan said. “E-Finance will open its new headquarters in the Smart Village in July, with investments amounting to EGP 70m on an area of 1,200sqm and is built on five floors.”
Sarhan noted that 2,500 government accounting units will work electronically after 10 banks and the Egyptian Postal Authority expressed their willingness to work on this system.
He added that E-Finance’s role in the smart cards system is represented in compiling personnel data and inserting it into files to provide to the Ministry of Finance.
“E-Finance is working to supply all the gasoline smart cards before 30 April for vehicles’ owners. The company has delivered 3m smart cards in 11 governorates and the rest will get the cards over the next few weeks,” Sarhan said.”3,660 bakeries have been put in the diesel subsidy system from 4,800 bakeries (70%), and the rest of bakeries will be added during next two months.”