Financial Inclusion and Digital Transformation: Egypt’s Electronic Payment Services Reach Record Highs

In a statement, Egyptian Finance Minister Dr. Mohamed Maait 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. The Minister emphasized the importance of financial inclusion in driving growth and transitioning to a digital economy, highlighting the government’s efforts in digital payments over the past decade.

The Ministry of Finance’s electronic government payment and collection center has been offering electronic government payment services since May 2019 and achieved strong operating performance from July 2023 to May 2024. Electronic payment services for state employees’ salaries grew by 24% to EGP 299.4 billion, compared to EGP 242.2 billion in the previous fiscal year, while the value of electronic payment services for suppliers increased by 14% to reach EGP 1.1 trillion.

Beyond electronic payment services, the Minister 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, with a focus on digital transformation and success seen with electronic payment services indicating a positive trajectory towards a more connected and efficient financial system in Egypt.