Egypt’s e-payment services reach EGP2.5tn in 11 months
Egypt’s digital payment services surged to unprecedented levels over the first 11 months of the current fiscal year, reaching 2.5 trillion Egyptian pound.
This marks a significant increase from 2.1 trillion Egyptian pound in the same period last year, underscoring the country’s commitment to financial inclusion and the transition to a digital economy.
Egypt’s Finance Minister, Mohamed Maait, highlighted the critical role of digital payment platforms in enhancing government transactions and economic stability.
In a detailed report, the minister noted substantial progress across various sectors. Electronic tax collection transactions reached 613 billion Egyptian pound, reflecting a 16 per cent increase compared to the previous fiscal year. Additionally, electronic customs collections saw an impressive 38 per cent growth, amounting to 284.3 billion Egyptian pound.
The increases signify the government’s successful efforts to modernise financial systems, improve revenue collection efficiency, and support broader economic growth, the Minister noted.
The report further detailed that electronic payments (e-payments) for state employees’ salaries grew by 24 per cent, totalling 299.4 billion Egyptian pound, and the value of e-payment services for suppliers increased by 14 per cent, reaching 1.1 trillion Egyptian pound.
According to Maait, these advancements are part of a broader strategy to facilitate seamless financial transactions, reduce cash dependency, and enhance transparency in government dealings. Moreover, this strategy is central to the government’s vision of a more efficient and accountable financial system.
Mohamed Fouad, Head of the Electronic Payment and Collection Unit at the Ministry of Finance, further reported a significant rise in the use of government electronic collection machines (GPOS), with collections reaching 60.8 billion Egyptian pounds, a 31 per cent increase from the previous fiscal year. Furthermore, collections via the government online payment platform grew by 78 per cent, exceeding 1 billion Egyptian pounds.
Notably, these figures indicate growing public trust in digital payment methods and the successful implementation of user-friendly, secure digital solutions.
Attribution: Egyptian Cabinet.
