Egypt’s Finance Minister, Dr. Mohamed Maait, announced that electronic payment and collection services have reached 2.5 trillion Egyptian pounds in the first 11 months of the current fiscal year 2023-2024, up from 2.1 trillion pounds in the same period of the previous fiscal year. The Minister emphasized the importance of financial inclusion in driving economic growth and transitioning to a digital economy. Over the past decade, the government has made significant efforts towards digital payments, which has led to strong operating performance at its electronic government payment and collection center.
The Ministry’s electronic payment and collection center has been providing electronic government payment services since May 2019, and it achieved strong results from July 2023 to May 2024. Electronic payment services for state employees’ salaries grew by an impressive 24% to reach EGP 299.4 billion compared to EGP 242.2 billion in the previous fiscal year. Similarly, suppliers saw an increase of 14% in electronic payment services value to EGP 1.1 trillion.
In addition to electronic payments, the Minister highlighted the importance of digital channels in providing government services and improving efficiency in financial transactions. These developments reflect the government’s commitment to leveraging technology for economic growth and financial inclusion. The Minister’s focus on digital transformation and success with electronic payments indicates a positive trajectory towards a more connected and efficient financial system in Egypt.
Overall, these developments suggest that Egypt is making progress towards building a more digitized economy that is inclusive of all citizens, regardless of their financial status or access to technology.
As Finance Minister Dr. Mohamed Maait stated, “Financial inclusion is essential for driving economic growth and transitioning into a digital economy.” With its focus on digital transformation and successful implementation of electronic payment systems, Egypt appears well-positioned for continued progress on both fronts.
In conclusion, Dr. Mohamed Maait’s announcement highlights Egypt’s significant advancements in developing its digital economy through effective use of electronic payment systems and other channels for providing government services.
The success of these initiatives underscores Egypt’s growing commitment towards leveraging technology for economic growth while improving financial inclusion across all sectors of society.