Electronic payment, collection services record EGP 2.5trn in 11 months: Finance Minister

Mohamed Maait, the Minister of Finance, emphasised that financial inclusion is a fundamental pillar for growth and the transition to a digital economy. He highlighted significant efforts by the state over the past decade in the field of digital payments.

Maait said on Sunday that the Government Electronic Payment and Collection Center of the Ministry of Finance, which has been providing electronic payment and collection services to the public since May 2019, achieved impressive operational rates from July 2023 to May 2024. During this period, the value of electronic payment and collection services reached EGP 2.5trn, compared to EGP 2.1trn from July 2022 to May 2023.

He pointed out that the growth rate of the electronic payment service for state employees’ salaries was 24%, reaching EGP 299.4bn compared to EGP 242.2bn. Additionally, the value of the electronic payment service for suppliers increased by 14%, amounting to EGP 1.1trn compared to EGP 989.8bn.

According to Maait, electronic customs receipts witnessed a 38% growth, reaching EGP 284.3bn from July 2023 to May 2024, compared to EGP 205.8bn in the same period the previous year. Electronic tax collection transactions also showed stability, totaling EGP 613.1bn with a 16% growth. Notably, citizens’ adoption of electronic payment for government dues through the “Citizen Paid” system in the banking sector increased by 38%. The value of collection services through this system in the first 11 months of the current fiscal year was EGP 61.4bn, compared to EGP 44.4bn. Additionally, the value of collection services through government electronic collection machines increased by 31%, reaching EGP 60.8bn compared to EGP 46.3bn.

Mohamed Fouad, Head of the Electronic Payment and Collection Unit at the Ministry of Finance, reported that collections through the government electronic payment gateway on the internet grew significantly. From July 2023 to May 2024, they exceeded EGP 1bn, compared to EGP 60 million in the same period the previous year. Fouad also highlighted a 51% increase in electronic collection services through integrated collection companies with the Government Electronic Payment and Collection Center, with government collections reaching EGP 1.9bn compared to EGP 1.2bn.

Fouad emphasized that due to rapid technological developments, especially in financial technology, governance procedures for digital transformation systems are continuously reviewed. New measures enhance governance, linking, and integration between the Government Electronic Payment and Collection Center, the electronic collection system, the Government Financial Management Information System (GFMIS), and the electronic invoicing system. Additionally, accounting units’ work is closely monitored to improve the accuracy of revenue distribution across designated types and categories.