E-finance’s chairperson Ibrahim Sarhan told Daily News Egypt that the company decided to raise its capital by EGP150m, reaching EGP650m, before the end of 2018, up from 500m, an increase of 30%, in order to invest more in the technological infrastructure.
He added that the company has investment plans, with the aim of improving, enhancing and developing
its services, in order to align with the government’s plan towards a cashless society.
E-finance’s chairperson explained that e-finance is currently operating and managing the financial network of the Egyptian government, which includes three systems, namely the payment and electronic collection centre and the Treasury Single Account (TSA), and the Government Fiscal Management Information System (GFMIS), which was able to absorb all electronic collections and payments in coordination with the CBE, banks, and Egypt Post.
He added that the company also implemented the electronic system to rationalise the subsidy of petroleum, Takaful and Karama project, pension cards, and other similar projects.
Sarhan also declared that the company will launch a new product related to the mobile payment, in cooperation with Egypt post during the 25th International Conference on Telecommunications (ICT 2018), that kicked off on 25 November and will run till 28 November on Cairo.
He explained that the company seeks to develop its work with Egypt Post, noting that there are 6,500 million common clients between e-finance and Egypt Post, divided among over 2 million clients from Takaful and Karama projects and 4,000 clients, from those who take pensions.
Earlier, Sarhan told DNE that e-finance is running about 20m payment cards in Egypt, noting that it aims to increase business size by 50% by the end of the year.