Financial Inclusion in Egypt: EGP 2.5 Trillion Reached in Electronic Payment Services in Just 11 Months
The Egyptian Minister of Finance, Dr. Mohamed Maait, has announced that the value of electronic payment and collection services reached 2.5 trillion Egyptian pounds in the first 11 months of the current fiscal year 2023-2024, an increase from 2.1 trillion pounds in the same period of the previous fiscal year. This growth is a testament to the importance of financial inclusion in driving economic growth and transitioning to a digital economy.
The Ministry of Finance’s electronic government payment and collection center, which has been offering electronic government payment services since May 2019, achieved strong operating performance from July 2023 to May 2024. State employees’ salaries grew by 24% to EGP 299.4 billion, compared to EGP 242.2 billion in the previous fiscal year. Similarly, the value of electronic payment services for suppliers increased by 14% to reach EGP 1.1 trillion.
In addition to electronic payment services, Dr. Maait highlighted the importance of digital channels in providing government services and improving efficiency in financial transactions. These developments reflect the government’s commitment to leveraging technology for economic growth and financial inclusion.
The success of electronic payment services indicates a positive trajectory towards a more connected and efficient financial system in Egypt. As more people gain access to financial services through digital channels, it is essential that we continue our efforts towards ensuring that all citizens can benefit from these technologies.
Overall, Dr. Maait’s focus on digital transformation highlights Egypt’s determination to embrace innovation and modernize its financial sector while promoting greater financial inclusion for all citizens.
