Financial Technology and Digital Payments
e-finance: Transforming The Digital Economy Landscape
Written by: Kriti Anand
e-finance is a leading fully-integrated developer of digital payments infrastructures with deep roots across the Egyptian fintech space. It offers a comprehensive suite of digital services that covers the entire payments value chain, from a premier network development and operations services, smart card production and management, to e-commerce platforms for a multitude of sectors, and supported by a robust network architecture.
e-finance has cemented itself as an integral part of the Egyptian government’s push for digitization, and has propelled the nationwide forward-looking strategy by developing integrated platforms that are leading Egypt’s digital revolution. The company is skillfully assisting the platforms aiming to develop the ICT sector, boost competitiveness, and attract foreign investment.
Established in 2005 to build, operate, and manage the Egyptian Government’s financial payments hub, e-finance has grown to become the “Digital Partner of Choice” for digital transformation in Egypt. The company has made it a mission to invest in people and technology to develop advanced solutions for Egypt and beyond. e-finance’s vision is enabling digital solutions to benefit economies and citizens.
A Digital Partner of Choice
e-finance is a fintech pioneer and an architect of the financial digital space. The company has successfully built a solid foundation to provide industry-leading digital payments solutions across the nation through the establishment and continued development of the government financial network that forms the backbone of the Egyptian government’s financial digital transformation strategy.
The company’s revolutionary financial network brings accessibility to multiple initiatives across Egypt’s digital space, offering hassle-free solutions and services that bring efficiency and ease of use in traditionally complex transactions.
e-finance’s flagship Government Financial Network processes an annual aggregate of c. 500 million transactions for c. EGP 1.6 trillion between government payments and collections, positioning it as an essential driver for Egypt’s digital transformation. Through the network e-finance managed to digitize the following:
- Wages and Salaries for Government Employees
- Supplier Payments
e-finance’s Government E-Payments Solutions is the backbone of the nation’s payments network, managing end-to-end processes between key governmental and financial institutions, suppliers operating on national projects as well as providing digital payment channels for banked and unbanked citizens.
e-finance’s holistic and user-centric philosophy has driven them to establish a platform for Egyptians to execute their governmental financial payments electronically through the government Point of Sale (POS) network. The company leverages over 16,000 Gov-POS distributed across the nation
To meet the needs of the evolving digital economy and align with the nation’s financial inclusion strategy, e-finance successfully worked with the Ministry of Social Solidarity to digitize the nation’s subsidy programs over a diverse array of channels.
- Takaful and Karama: Egypt’s First Conditional Cash Subsidy Program benefiting 3.1mn households with 25mn Takaful and Karama transactions per year.
- Companionship program: Egypt’s Subsidy Program for people with special needs, benefiting over 5mn people.
e-finance collaborated with the Ministry of Agriculture and Land Reclamation and the Agriculture Bank of Egypt to provide a set of tablets that are used to register agricultural farmland holdings. The company has also provided over 1,600 POS to process fertilizer sales in various agricultural cooperatives across Egypt governorates.
The Company also has over 5,000 digitally integrated fuel stations across the nation thanks to the company’s contract with the Egyptian General Petroleum Corporation, which covers the entire spectrum of fuel monitoring and control for Liquified Petroleum Gas (LPG) repositories.
e-finance’s expansive digital payments services are supported by a state-of-the-art and secure network architecture that is anchored by a team of highly skilled engineers and support agents. As a fintech pioneer for Egypt’s digital transformation, e-finance is committed to ensuring a best-in-class experience for the company’s clients across the nation:
Providing first-class nationwide contact center services: e-finance outsources a 24/7 contact center service to complete its fully integrated end-to-end offering for its clients across a wide span of industries and sectors.
- Government Bodies
- Commercial Banks and Financial Institutions
- Civil Society Organizations
As Egypt continues developing its digital and financial inclusion strategy and accelerates its transformation to a fully digitized economy, e-finance ensures that the Contact Center is equipped with a cutting-edge tech infrastructure that meets the international standard to best serve its expansive client base. The centre has over 800 seats and serves around 1.8 Million monthly calls.
Cloud Services: Revolutionary cloud-based services that empower the users of e-finance. The company’s expansive e-payment infrastructure is supported by a leading robust network architecture that ensures the continuity and sustainability of its digital payment channels and platforms.
By leveraging its strategic partnerships with leading technology and internet service providers, e-finance extends unique and innovative cloud-based services, guarantees exceptional data security and service continuity for its clients and arms them with cutting-edge data analytics capabilities.
Operational Support: Extending exceptional front-line support to their wide and growing client base, e-finance offers clients 24/7 desk support services. Its field support service is supported by a stellar team of more than 350 technical support agents that provide a wide range of field, operational and technical support services to its customers, across Egypt’s 27 governorates.
The growth strategy of e-finance is underpinned by four key pillars that leverage the company’s well-established core competencies and value propositions to enable digital solutions that will benefit economies and citizens alike. Their goal is to maximize and unlock value for all stakeholders and bring them ever closer to accomplishing Egypt’s vision for a digital future. The strategy pillars for growth, expansion and realizing e-finance’s goals include:
Solutions: Building tailored, scalable solutions for essential services by offering electronic payroll and pension payment programs, social programs, the government’s GFMIS and petroleum payment portals.
Platforms: Enabling third parties to connect and transact by leveraging its expansive network of platforms, channels, and outlets on behalf of government and private sector clients.
Services: e-finance’s digital services line of business is core to its business model because it aims to maximize the value generated from e-finance’s platforms and solutions by continuously developing and utilizing best-in-class data analytics, cybersecurity and data hosting.
Fintech: e-finance firmly believes in driving innovation. Egypt is uniquely positioned to become the leading fintech hub in the region driven and e-finance is focusing on capitalizing on the country’s favourable dynamics and establishing a fintech accelerator that will support aspiring new players in the financial services sector.
Future Prospects of e-finance
The Company has cemented itself as an integral partner in the Egyptian government’s push for digitization and has propelled the nationwide strategy forward by developing integrated platforms that are leading Egypt’s digital revolution, aiming to develop the ICT sector, boost competitiveness, and attract foreign investment.