Minister of Finance, Mohamed Maait, declared on Monday that the electronic payment and collection system, facilitating over 500 million transactions annually and benefiting 20 million citizens, has amassed a value of EGP 7.8 trillion since its initiation in 2019.

 

In a statement from the Ministry of Finance, the minister added during his address at the 27th edition of the Cairo International Technology Exhibition and Conference "Cairo ICT" that the comprehensive transaction value for 59 economic entities through the system in the fiscal year 2022-2023 reached approximately EGP 3.46 trillion.

 

He highlighted that the government's revenue through the electronic collection system reached EGP 1.15 trillion in 2023, exhibiting a growth rate of 20%. Government payments totaled EGP 2.3 trillion, marking an 18% increase, leveraging the payment infrastructure of the "E-Finance for Financial and Digital Investments" group.

 

"We have achieved substantial strides in the digitization of government services and the assimilation of distinguished international practices in digital system implementation. This contributes to enhancing government performance efficiency and effectiveness, elevating the quality of services provided to citizens," remarked the minister.

 

He elaborated that the Ministry of Finance is actively engaged in restructuring its processes and sectors through digital transformation. This involves the construction, enhancement, and utilization of systems and data to maximize their utility in swift and precise decision-making, aimed at optimizing state revenues and streamlining expenditures.

 

The minister underscored that the financial technology company "E-Finance" has significantly enhanced its capabilities in digitalization, positioning itself as the primary robust, adaptable, and expeditious technological conduit for the state in executing the national digital transformation initiative.

 

He emphasized that "E-Finance" played a pivotal role in constructing and operating platforms for the integration of government financial services, finalizing the amalgamation of government revenues (economic bodies and the budget authority), refining the general state budget preparation systems, implementing the state employee system, and integrating the Ministry of Finance's systems.