Egypt.. 2.5 trillion pounds in electronic payment and collection services in 11 months

Dr. Mohamed Maait, the Egyptian Minister of Finance, confirmed that the value of “electronic payment and collection services” amounted to 2.5 trillion Egyptian pounds during the first 11 months of the current fiscal year 2023-2024, compared to about 2.1 trillion pounds during the same period of the last fiscal year.

The Minister said: Financial inclusion is one of the main pillars of growth and transformation to the digital economy, and the Egyptian state has made tangible efforts over the past decade in the field of digital payments, explaining that the Ministry of Finance’s electronic government payment and collection center, which has been providing electronic government payment and collection services to the public dealing with government services on many electronic channels since the beginning of May 2019, has achieved very good operating rates during the period from July 2023 to May 2024.

The Minister explained that the growth rate of the electronic payment service for state employees’ dues, “salaries,” reached 24%, with a value of EGP 299.4 billion, compared to about EGP 242.2 billion for the same period in the last fiscal year. The value of the electronic payment service for suppliers also increased by 14% to reach EGP 1.1 trillion, compared to about EGP 989.8 billion for the same period last fiscal year.