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Sunday, 20 June 2021

Finance Ministry issues new procedures for public financial payments

Doaa A.Moneim , Sunday 19 Jul 2020
Egypt
Egypt's finance ministry (Al-Ahram)
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Egypt’s Ministry of Finance has banned the state’s administrative bodies from making bilateral deals or signing agreements with banks and companies outside the electronic payment system that has been applied recently, the ministry said in a statement on Sunday.

The ministry obliged all the state’s administrative bodies to collect all payments and dues electronically through the centre established by the ministry for this purpose, which is managed by E-finance, a financial technology company, to guarantee the utmost precision and data security levels, in addition to preparing financial settlement reports for revenues, according to the statement.

The ministry said that this action is part of its efforts to enhance the government’s financial system through integrating the government’s financial management information system (GFMIS) with the banking system of the public treasury’s consolidated account (TSA) and the gathering and payment system (GPS).

These procedures are expected to contribute to boosting non-cash public revenue collections and government dues, in addition to entrenching the financial and administrative governance, through which the government’s targets can be achieved, according to the statement.

During the lockdown period imposed to contain the impact of COVID-19, Egypt’s government banked heavily on technology, especially for financial and banking payments, in an attempt to entrench using digital payment and lessen resorting to cash payments to keep individuals’ health safe.

The government has pledged to expand in digital transformation, especially in financial and banking services, and urged citizens to use credit cards and mobile portfolios.

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