e-finance stresses importance of technology in developing national economy during its participation in Cairo ICT 2013

December 9, 2013 9:02 am

e-finance, the first and largest Egyptian financial network of its kind in the Middle East, stressed the role of technology deployment in supporting the national economy at Cairo ICT 2013. e-finance is a state-of-the-art financial network specialized in providing advanced and comprehensive electronic financial solutions to the Egyptian government.

e-finance manages and operates the financial network of the Egyptian government (Government Fiscal Management Information System, Treasury Single Account System, and Government Electronic Collection and Payment Network). The company is owned by a number of national banks and is the fruit of prolific cooperation between several Egyptian ministries and agencies, including of the Ministry of Finance, Ministry of Planning, Ministry of Information Technology and Communications, Central Bank of Egypt, and the Ministry of Administrative Development.

In the last four years alone, e-finance has effectively settled governmental financial transactions valued at EGP370bn. The company also successfully issued 4 million pension cards and 2 million payroll cards within the past three years. It is worth noting that the Egyptian government financial network (run by e-Finance) includes a wide range of financial institutions including 28 banks in addition to Egypt Post representing 3,343 branches across Egypt, and 4,600 Pension Outlets, 19 Customs Units, 341 Tax Offices, 2650 government accounting unit, 20,000 POS, and 300 ATMs.

Commenting on e-finance, Ibrahim Sarhan, Chairman and Managing Director of e-finance, stated, “Our ultimate goal at e-finance is to better the financial environment in Egypt. We are a great country with tremendous potential, whether in terms of innovation, entrepreneurship or human resources, and this potential can be easily activated if the right conditions are in place. These conditions include a transparent, safe environment in which financial transactions and services can be made. This will eventually lead to boosting consumer spending, streamlining private and public services and encouraging investment on both the domestic, as well as, the international front, and eventually growing the economy.”

It is worth mentioning that e-finance cooperates with e-collection companies operating in Egypt, such as Masari, BEE and ISYS, according to the rules of the network established by the Ministry of Finance and the Central Bank of Egypt, which guarantee the integrity of the Government Financial network, making e-finance the largest national network for government electronic collections and payments.