E-finance highlights 2021 strategy

300% increase in government collections

E-tax helps launching e-invoice

Company implements ETA full automation

Benefiting from many ingredients that support the continuation of march towards achievements and implementation of the planned expansions during the next phase, the e-finance, a pioneer national developer of digital payments infrastructure, looked forward to a new start during the year 2020, foremost among which is the clear growth strategy and advanced technological infrastructure and also the organisational structure of the outstanding efficiency and flexibility.

This, a statement by the company said, aims at improving the efficiency and potential of the company as the optimal digital partner to the government within the scope of B2G services in addition to supporting the scope of the state’s efforts to achieve digital transformation and the financial inclusion through expanding its business in the e-payments market between companies and individual clients (B2C) through new subsidiaries, topped with Khales, E-Cards, e-Aswaaq Misr companies. And this goes in tandem with the company’s intensification of its investments to enhance its operational capabilities.

These efforts, it added, have resulted in strengthening the company’s position to expand its footprint in the digital payments markets and strategic support services, clients and companies.

These positive data also support the company’s optimism towards 2021 and beyond, especially in light of the strong growth rates achieved by the company during the last year, accompanied by its updating of the strategic direction and investment and the development of human resources, to continue to build on the leading position that the company has as an ideal partner for achieving financial inclusion and digital transformation in various state ministries.

In preparation for the IPO expected in the Egyptian Stock Exchange soon, the company has worked to achieve the financial inclusion and digital transformation, and has also bolstered the company’s capabilities and infrastructure that lead to maximising the role and value of the company’s public offering in the stock exchange with the modernisation of commercial and financial orientation allowing for the optimal employment of elements of promising growth and maximising the directreturn, as well as contributing effectively to the implementation of the agenda of the digital transformation and financial inclusion within Egypt’s Vision 2030.

Comprising four main axes, the new strategy aims at promoting the existing capacities of the company and benefiting from what the company enjoys of competitive elements, with the furtherance of digital solutions that are of direct benefit to both the economy and the citizen, as well as the consolidation of the company’s leadership as the ideal partner to achieve digital transformation, whether for government agencies or private sector institutions alike.

E-Cards

E-Cards Company is the largest producer of cards in Egypt and the pioneering in the government card market in the country. With a key role to play in implementing the digital transformation strategy in Egypt, the company has invested heavily in owning the latest smart card production technologies, a matter that has placed the company in an ideal position and qualified it to meet the increasing demand on cards and smart solutions in the Middle East and the African continent.

Enjoying a long history of experience, the company has been able to lead the Egyptian market and acquire 100% of government cards.

Thus, the company is proud to issue more than 50 million ID cards and operates more than 26 million cards, and seeks the service of regional partners through strategic investments that help the company “exploit all potential expansion opportunities in the continent.”

Railway project

As per directives from the political leadership to take care of the transport system and place Egypt’s railways, particularly,on the global map, the Egyptian Railways Authority continues to work – in co-operation with the e-cards company – to modernise and develop the electronic portals in four main stations: Cairo, Giza, Alexandria, and Sidi Gaber.

The project, which is one of the most prominent national projects to modernise the Egyptian railways facility, aims to equip the entrances and exits of stations and sidewalks with the modern and advanced techniques to regulate the movement of entry and exit of passengers, developing the infrastructure and devices for reservation ports, and working on the development of an electronic platform and an electronic application for booking tickets online.

Khales

Khales demonstrated its ability to meet the increasing demand for electronic payments services over the past year through taking the advantage of the network of e-channels and infrastructure owned by “e-finance”. This is in addition to more than 300,000 points of sale connected to the Khales network, as the company has helped its customers to pay their necessary requirements easily through its integrated network of e-payments and collection platforms. The company has also succeeded in achieving an exceptional growth rate in the volume of transactions made through its network, at an annual rate of 260%.

The company has, during 2020, launched its own electronic payments application, with the aim of providing electronic payment services for all government services, basic utility bills, tuition fees, among others.

In terms of financial technology services (Fintech), Khales launched the “Yalla Start with Khales” competition, which aims to support emerging projects in Egypt by supporting young entrepreneurs and owners of small and micro companies with innovative ideas that contribute to the development of the Egyptian economy and support the country’s plans for digital transformation. The winners of the competition were announced during the 24th session of the Cairo International Information and Communications Technology Exhibition and Conference (Cairo ICT 2020), and received a free digital payment platform, in addition to financial support for their projects.

Tourism Platforms Project

As per the Tourism Platforms Project, the e-finance is
set to co-operate with Konouz Egypt Replica Treasures to establish, operate and manage an electronic store specialised in marketing, promoting
and selling replicas of Egyptian antiquities locally and globally, in co-operation with the Ministry of Tourism and Antiquities. This is in addition to activating the digital transformation project for museum and archaeological sites’ services.
The project, announced by Minister Khaled al-Anani during the last Cairo ICT exhibition, is implemented through e-Aswaaq Misr.

The project, the first of its kind in Egypt, includes the first electronic ticket reservation platform using the bar code, which enables visitors to book their tickets through the Internet and mobile applications and to pay through bank cards and electronic wallets, in order to facilitate visitors and reduce paper transactions.

E-Tax Company

Based on the successful partnership between the Ministry of Finance and e-finance, the company established during the year 2020 the e-TAX subsidiary, a company specialised in operating tax solutions, to provide technological tax services. With accumulated experiences, the company ensures the provision of tax services with the required efficiency, in coordination with the specialised work teams of the Egyptian Tax Authority (ETA) and the Real Estate Tax Authority.

The company provides the technical solutions and techniques required with the aim of developing the current electronic tax system and improving the tax administration, with the aim of stimulating the tax proceeds and facilitating the dealings with the ETA, by following electronic means in all tax business in addition to developing future systems in an effort to simplify procedures by means being compatible with all modern global trends that attract investment.

The company also provides specialised technological services, all digital transformation projects and technology consulting, and offers all human resources with expertise and specialised services in the success of national projects to ensure the provision of the best solutions, which target the best results, and the most flexible, adaptable and changeable solutions, while achieving the best possible value for ETA and the Ministry of Finance.