E-payment, collection services exceed EGP 8.1trn in Egypt: Finance Minister

Daily News Egypt
4 Min Read

Finance Minister Mohamed Maait stated that the Egyptian government is committed to financial inclusion policies for all sectors of the country. This is in line with the political leadership’s vision of maximizing digitization and its benefits, which are vital for boosting economic growth, enhancing the business climate, and attracting investment amid global challenges. The government has adopted a national strategy to create a digital state, shifting from paper-based to electronic work processes. It also applies policies and measures to improve the financial system’s governance, increase government efficiency, and maintain government financial transactions using advanced technology. The government also learns from the best international practices in digital systems in various domains, which help increase the state’s treasury revenues and improve the quality of services for citizens.

Maait said, in a statement from the Finance Ministry on Monday, that the Government Electronic Payment Gateway (GePG) at the ministry achieved record operational rates from May 2019 to November 2023. The electronic payment and collection services reached EGP 8.1trn, with 607.3 million transactions. He noted a 12% growth rate in the electronic payment service for state employees’ dues and the issuance of 4.2 million cards with the national “Meeza” card for state employees’ benefits. Moreover, 93% of the issued cards have been activated so far.

The Finance Minister indicated that the electronic revenues for the Customs Department were EGP 829.5bn, with a 24% growth rate in electronic payments for Egyptian customs after moving to the “Nafeza” payment platform. He also reported stability in electronic payments through different channels for Egyptian tax collection, with a 30% growth rate. The electronic payment and collection services for Egyptian taxes were EGP 1.9trn. He added that there was a significant rise in citizens’ preference to pay government dues electronically through the “Madfouat Al-Mowaten” service, with a 36% increase, reaching EGP 171.5bn. The collection service through government electronic point-of-sale machines (GPOS) was EGP 154.6bn, and the collection value through the government’s online payment gateway was EGP 1.5bn. He also mentioned a significant expansion in electronic collection services through integrated collection companies with the Government Electronic Payment and Collection Center, achieving about EGP 2.9bn in government revenues. The total value of salary payments was EGP 1.071trn, and electronic payment service for suppliers was EGP 3.8trn.

He explained that due to the fast pace of technological developments, especially in financial technology, and as part of overseeing and managing all digital transformation systems in the ministry, the governance procedures for these systems are constantly reviewed. This involves adding new procedures to strengthen the governance of integration between the GePG, the Government Financial Management Information System (GFMIS), and the electronic invoicing system. Furthermore, the accounting units’ activities are monitored to enhance the audit accuracy of allocating revenues collected to the specified types and items. Since December 2022, the Government Invoice Issuance and Governance platform has been activated, linking electronic payment orders for all suppliers and service providers to administrative authorities with the electronic invoicing system at the Tax Authority. Additionally, the deployment of electronic collection systems and machines has been completed in all traffic units and entities applying the one-stop-shop system to serve citizens in all governorates.

Share This Article
Leave a comment