e-finance Group for financial and digital investments signed a memorandum of understanding (MoU) with the Libyan Ministry of Finance to provide electronic payment services to the Libyan government and develop and manage the financial and accounting information systems in the ministry.
At its headquarters in Cairo on Sunday, e-finance received a Libyan delegation headed by Libyan Minister of Finance Khalid Al-Mabrouk aiming to learn about Egypt’s experience in developing and digitising the government’s financial system and transfer said experience to Libya.
The delegation was also briefed on e-finance’s experience in establishing a treasury single account (TSA), electronic payments, a collection centre, and a number of government transaction automation systems.
For his part, Al-Mabrouk praised e-finance’s efforts in spreading the culture of digital transformation, implementing projects, and the success of the partnership with the Egyptian Ministry of Finance in light of Libya’s constructive ties with Egypt.
He added that his ministry signed a cooperation agreement with e-finance Group to reform the public finance system in Libya by developing and managing the financial and accounting information systems in the ministry.
Furthermore, the ministry is adopting modern methods to prepare government budgets in a way that ensures the established goals and plans are achieved. This will help set the financial indicators necessary to measure government performance. It also ensures appropriate frameworks for fiscal policy are established in addition to keeping pace with modern technological systems, achieving accuracy and speed in performance, applying electronic control systems, securing information, and following electronic means in procedures.
Ibrahim Sarhan — Chairperson of the Board of Directors of e-finance — then said that the agreement is a very important step for the group, as it reflects the company’s commitment to expanding to foreign markets — especially in Africa — with unlimited development opportunities, thus contributing to increasing the volume of the group’s business and achieving the greatest benefit for its shareholders.
This cooperation also reflects the level of international confidence e-finance Group has as a leading government arm in the digitisation of financial transactions.