This would reduce import costs by facilitating customs release times and accurately identifying the parties to the transaction in accordance with the procedures
Egypt’s new Nafeza Customs platform and the banking systems are merging as the Central Bank of Egypt signs a protocol with several institutions to unify the two systems.
The CBE signed a cooperation protocol with the Ministry of Finance, the Egyptian Banks Company (EBC), and Misr Technology Services Company (MTS) to link the Customs Nafeza platform with Egypt’s network of bank, enabling the two to easier share data and documents necessary for import operations electronically.
The new protocol aims to facilitate import operations and customs clearance procedures. The agreement is within the government’s efforts towards implementing the Advanced Cargo Information (ACI) system, which aims to improve Egypt's global index in the field of cross-border trade.
By linking the Egyptian banks to the unified-window system of the Ministry of Finance through an electronic platform, shipment data and documents will be presented swiftly to the banks that enable them to complete the work cycle without waiting for the original documents.
This would reduce import costs by facilitating customs release times and accurately identifying the parties to the transaction in accordance with the procedures.
Currently, the paperwork cycle requires waiting for the original documents and data of incoming shipments for customs release procedures to be completed. This also helps reduce the risks of not knowing the parties associated with the import process and double checking the specifications of the incoming goods, which is beneficial for the Egyptian economy.
