Minister of Finance: E-Payment and Collection Services Value Reaches EGP7.1 Tn by June-end

Mohamed Maait, the Minister of Finance, emphasized that the state has made significant progress in digitizing the national economy. The state adopts an integrated national strategy to develop work systems in all sectors, achieve financial inclusion, and stimulate economic activity, in line with the vision of Egypt 2030.

These efforts contribute to enhancing the efficiency of the Egyptian economy and strengthening the financial system's capacity to allocate funds to development projects, improving citizens' livelihoods and enhancing the services provided to them.

The Minister pointed out that despite the severe global economic challenges that have cast their shadow on various countries, especially emerging economies, we are committed to achieving financial discipline in the state budget.

During the Financial Sector and Financial Inclusion session on the sidelines of his participation in the G20 meetings in India, the minister stated that the state has taken the initiative to maximize the digital capabilities of the country, paving the way for the transition to Digital Egypt.

This transition accelerates the governance of revenue and expenditure systems, establishes the foundations of financial inclusion, incorporates the informal economy into the formal economy, and simplifies and digitizes procedures, all of which contribute to achieving development targets.

The value of electronic payment and collection services reached EGP7.1 tn by the end of June, and we are striving to support the technological infrastructure to establish the foundations of digital transformation in all sectors. We have achieved a growth rate of 147% in financial inclusion from 2016 to 2022.

The minister explained that Egypt is one of the first countries in Africa and the Middle East to implement the electronic invoice system. This allows us to create a centralized system to monitor all business transactions digitally. Additionally, it facilitates tracking all commercial transactions.

The minister also highlighted that the unified digital tax procedures system aims to integrate, simplify, and digitize the assessment and tax collection procedures accurately. Digitalization helps determine the true size of Egypt's economy and enables real-time monitoring of economic activities. The automated tax and customs systems ensure competitive justice in the Egyptian market.

The minister affirmed that we have successfully connected all ports electronically through the unified electronic platform "NAFEZA" and established logistics centers for customs services. These efforts contribute to transforming Egypt into a global commercial hub.