- Egypt’s electronic payment services surged to EGP 2.50 trillion ($52.3 billion) in FY 2023/2024, up from EGP 2.10 trillion the previous year, signalling substantial growth.
- Government electronic payments via GPOS rose by 31% year-on-year to EGP 60.80 billion, underscoring increased adoption of digital payment methods.
- Financial inclusion remains a key focus, integral to Egypt’s economic strategy, promoting digital economy transition and accessibility to digital payment systems.
- The government’s decade-long efforts in digitization aim to enhance economic participation and reduce reliance on cash transactions, fostering a more inclusive financial environment.
- These advancements highlight Egypt’s commitment to modernising its economy through effective digital initiatives, paving the way for efficiency and inclusivity in financial services.
Egypt has witnessed a remarkable surge in electronic payment services, with the total value reaching EGP 2.50 trillion ($52.3 billion) in the first 11 months of the fiscal year 2023/2024.
This marks a significant increase from EGP 2.10 trillion during the same period the previous year, according to Minister of Finance Mohamed Maait.
Growth in Electronic Customs Receipts
One of the standout achievements in this period is the impressive 38% year-on-year increase in electronic customs receipts.
These receipts climbed to EGP 284.30 billion, up from EGP 205.80 billion the previous year.
This growth highlights the government’s successful efforts in streamlining and digitizing customs processes, making transactions more efficient and transparent.
Rise in Government Electronic Payments
Payments processed through government electronic collection machines (GPOS) also experienced substantial growth.
These payments soared by 31% year-on-year, reaching EGP 60.80 billion between July 1, 2023, and May 31, 2024, compared to EGP 46.30 billion in the previous year’s corresponding period.
This increase underscores the rising adoption of electronic payment methods among the public and government entities.
Focus on Financial Inclusion
Minister Maait emphasized that financial inclusion remains a cornerstone of Egypt’s economic growth strategy.
The government’s efforts over the past decade have focused on transitioning to a digital economy.
These initiatives aim to increase accessibility and ease of use of digital payment systems, thereby fostering greater economic participation and reducing reliance on cash transactions.
Altogether, Egypt’s significant advancements in e-payment services and digital financial inclusion reflect its ongoing commitment to modernising its economy.
The impressive growth figures in electronic customs receipts and government electronic payments demonstrate the effectiveness of these digital initiatives, paving the way for a more efficient and inclusive financial landscape.
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Last Updated on June 25, 2024 by Safiya K
