To develop cashless payment, Egyptian government electronic revenue rises by 223%

revenue Thu, Sep. 24, 2020
CAIRO – 24 September 2020: The rise of the government electronic revenue by 223 percent by the end of July, compared to the same month last year, Finance Minister Mohamed Maeet said in a statement, adding that it reflects continuous state efforts to develop the electronic payment and collection system.

This development comes in accordance with international expertise and aims at improving Egypt’s rank in terms of indications measuring the competitiveness of countries in the ease of doing business and transparency, which are based on the axes of cost, time, and extent of the procedures.

Since May 2019, 10 phases of the electronic payment and collection system has been completed, during which 17,000 electronic cash collection machines, aka Government Owned Point of Sale (GOV POS), have been distributed at administrative authorities, the minister said.

By October, those machines will be linked to databases, Maeet noted, in order to allow children to pay tuition fees and other dues electronically and avoid crowded areas.

The executive regulations of the law regulating the use of cashless payment methods recently approved by the Council of Ministers “contribute to laying the foundations for the transformation to means of electronic payment and collection, not only in the administrative authorities, but extends the umbrella of non-cash payments to the public and private sectors,” the minister said, according to the statement.

He also revealed a six-month deadline for the bodies addressed by this regulation to provide means of cashless payment.