eFinance is the backbone of the Egyptian government’s financial network. This network functions as an extensive framework, incorporating various digital channels spanning the Egyptian economy.
The payment and collection methods include bank transfers, ATMs, smart cards, online payments, mobile wallets, and QR codes. These collection methods facilitate payments for taxes, customs, social insurance, transportation, healthcare, and tourism. eFinance possesses an annual aggregate of 500 million transactions for 2.4 trillion. between government payments and government collections, based on the Government Financial Network.
In a bold move to continue supporting investors and enhancing the ease of doing business, the Supreme Investment Council recognized the need for a more efficient and transparent way to handle the financial interactions between investors and the government.
To bring this vision to life, the Ministry of Finance partnered with eFinance to create a cutting-edge platform under the Government Financial Network offsetting receivables and payables between investors and government.
Through this platform, investors can easily register, submit requests for their entitlements, and track the status of these requests in real-time. It also provides dedicated dashboards for all the relevant government entities involved in the process, allowing them to manage, approve, or reject the requests under the guidance of the Offsetting Unit at the Ministry of Finance.
When a request is approved, the respective government entity issues a credit notification in favor of the investor, enabling them to use the balance to offset any outstanding debts with other government agencies.
This ensures that the process is not only efficient but also smooth and transparent, empowering investors to focus on growing their businesses while the system takes care of the financial intricacies. The platform offers a comprehensive suite of services to manage the entire process. The success of this platform relies on the collaboration of key players, including government payment entities and government collection entities.