E-Payments Result in EGP 400 Mln Additional Revenues

Ibrahim Sarhan, chairman and managing director of E-Finance Company, said that there are many advantages of electronic payments including achieving EGP 400 million as additional revenues during the last 18 months from paying taxes and customs electronically. Sarhan expected that e-payment systems will further expand.  Electronic payment of government dues facilitates payment procedures in the 1480 banks branches across Egypt.

Sarhan noted that the electronic payment system does not necessitate having a bank account and payers can repay in any of the 24 participating banks that offer this service. The procedures of paying taxes electronically include only submitting the tax registration number or the tax file number to the employees working at the participating banks. Tax offices offer free of charge booklets illustrating in details tax electronic payment services, the documents required from payers, and the list of the participating banks, Sarhan added.

Ahmed Al Baz, consultant of Minister of Finance and head of Government E-Payment and Collections Center, said that the electronic payments system in Egypt is characterized by being a comprehensive national system as part of Ministry of Finance’s integrated systems as the Ministry is playing key role Egypt’s financial system as it prepares the general budget, makes the financial policy and monitors financial institutions. E-payment system provides full and precise data in which the Ministry requires in its work, Al Baz added.

Ministry of Finance is implementing a number of projects including putting into effect Government Financial Management Information System (GFMIS) which guarantees executing general budget’s programs, improving the efficiency of resources management, cutting out unnecessary expenses and implementing the unified treasury system that include government revenues and expenditures so as to contribute in maintaining control of financial supervisory over payments, Al Baz added.

E-payments and collections made many achievements relied on IT infrastructure and communications network designed in accordance with Central Bank of Egypt’s regulations set in memorandum of cooperation signed with Ministry of Finance in 2008.