Fatshimetrie, the evolution of electronic payments in Egypt
The Egyptian economy is changing, and recent electronic payments figures are proof of this. According to Finance Minister Mohamed Maait, the value of services provided through the electronic payment and collection system reached 2.5 trillion Egyptian pounds in the first 11 months of the year, up from 2.1 trillion Egyptian pounds at the same period the previous year.
Significant growth was recorded in various areas, including salary payments, which totaled 299.4 billion Egyptian pounds, up from 242.2 billion pounds the previous year. Additionally, electronic payments to suppliers increased by 14% to £1.1 trillion, compared to £989.8 billion the previous year.
This upward trend in electronic payments demonstrates the growing importance of financial inclusion in Egypt. The minister emphasizes that the latter constitutes one of the pillars of economic development and the transition to a digital economy. Over the last decade, the State has made considerable efforts to promote digital payments, thus promoting greater accessibility to financial services for the entire population.
The rise of electronic payments is of paramount importance in a world undergoing digital transformation. By promoting the speed, security and convenience of transactions, these innovations contribute to the modernization of the economy and the improvement of citizens’ daily lives. The development of electronic payments is also part of a perspective of increased efficiency of the financial system, facilitating trade and stimulating economic growth.
In conclusion, the positive development of electronic payments in Egypt underlines a strong commitment to the digitalization of the economy. This transformation opens up new perspectives for the country, strengthening its attractiveness for investors and offering its population innovative financial services accessible to all. The dynamic triggered by this progression demonstrates Egypt’s desire to establish itself as a major player in the digital economy at the regional and international level.