Egypt: tax collection-based e-payment services system is key to government

Wednesday 20 May 2015 10:57 CET | News

The E-Finance Company for Technology of operating financial institutions has signed a mutual cooperation agreement with the Mortgage Finance Fund (MFF) to make available e-collection of its fees via a payments system development.

This will occur via internet through the various channels offered by the e-payments collection centre managed by the company, according to a company statement, reports. The agreement period covers three years, during which E-Finance will provide MFF with all means of electronic payment to collect, including inquiry fees, upfront payments, mortgage instalments, delay fines, and monthly rental for commercial properties, according to MFF Head May Abdel Hamid, the source cites.

Abdel Hamid said that the MFFs principal goal is to support real estate fund activities, and lower income people who aspire to own property for the first time and who are eligible for it. The agreement will allow the services users to pay anytime, regardless of geographical location or banks working hours and without the need to obtain neither payment permission nor a notification receipt.

The company is conducting settlement operations on a daily basis with the Central Bank of Egypt (CBE) without any intermediary bank account. E-Finance offers e-collection services through various channels across the country such as, banks participating in payment system, e-collection, Egypt Post, POS machines or through its business partners, Khadamaty and Masari.

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Keywords: Egypt, tax collection, e-payments system, citizens, government, online payments, fees
Categories: Payments & Commerce | Online Payments
Countries: World
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