The Banking The Banking Executive Magazine - June 2024 Issue

the BANKING EXECUTIVE 50 ISSUE 186 JUNE 2024 FinTech and AI Chornicle The value of Egypt's electronic pay- ment and collection services reached EGP 2.50 trillion in the first 11 months (11M) of the fiscal year (FY) 2023/2024, up from EGP 2.10 tril- lion in the same period a year earlier, said Minister of Finance Mohamed Maait. ELECTRON ic customs receipts jumped by 38% year-on-year (YoY) to EGP 284.30 billion in 11M-23/24 from EGP 205.80 billion, the minister revealed. He added that payments through government electronic collection machines (GPOS) leapt by 31% YoY to EGP 60.80 billion between 1 July 2023 and 31 May 2024, from EGP 46.30 billion. Maait highlighted that financial in- clusion is a cornerstone of growth and the transition to a digital econ- omy, underscoring the state’s signifi- cant efforts in digital payments over the past decade, according to an of- ficial statement. EGYPT’S E-PAYMENT SERVICES HIT $52.3BLN N 11M-23/24