The United Bank provides the electronic payment service for government and non-governmental payments in cooperation with the Ministry of Finance and through e-finance that serve the national economy by effectively contributing to maximizing the tax revenues, which represent 70-75% of the total volume of the public revenues of the Egyptian state.
Farag Abdul Hamid, Vice Chairman of The United Bank and Managing Director, pointed out that the Egyptian state seeks to translate this proceeds in the form of real services obtained by the Egyptian citizen such as transport projects, roads, bridges, health, education and energy.
Abdel Hamid pointed out to the Republican Decree to amend some provisions of the General Income Tax Law No. 91 of 2005 and the Law No. 201 of 2014 and the Minister of Finance Decree No. 117 of 2015, which provides for the payment of the tax payable by the companies of funds and public legal persons by means of electronic payment, which supports The United Bank's move towards facilitating electronic payment.
He added that The United Bank operates in accordance with an integrated system of modern electronic programs to serve the country and the Egyptian citizen as an urgent necessity imposed by the mechanisms of the era in international and domestic transactions through the international Internet and in line with the gradual reduction of paper banking transactions.
Features of The United Bank e- Payment Programs
As for the advantages of electronic payment programs from taxes and customs, Farag Abdul Hamid defines 12 main characteristics:
1- Providing service to customers and non- customers of The United Bank.
2- Easy and quick access to a detailed statement of government certificate.
3- Possibility to inquire about shipments and their immediate payment
4- Payment of taxes of various kinds
5- Payment of social security in real time
6- The possibility of payment through branches of The United Bank 59 and spread throughout the Republic.
7- Avoid the risk of transferring checks and money to government agencies.
8- Streamline procedures and reduce expenses.
9- Non-circulation of money.
10- Save time and effort.
11- Safe payment in order to preserve the confidentiality of information circulation.
12- Multiple methods of payment using the digital technology solutions that characterize The United Bank including: Internet banking services and digital wallet and bank mobile.
Farag Abdel Hamid said that the economic and financial indicators of the Egyptian state promise potential economic development, especially in light of the ambitious economic reform plan currently being implemented by the government. In terms of high growth rates, lower inflation rate, general unemployment rate, increase in the volume of Egyptian and foreign investments, and a decrease in the deficit index and public debt.
He added that the success of the applications of these programs with high technical techniques in The United Bank and classified as one of the best banks in the market in providing these types of services according to reports issued by e-finance is due to the professionalism of the performance of the teams on all programs while adhering to high quality standards and great efforts to Comfort of its customers.
Expansion strategy of electronic payment programs
Farag Abdel Hamid pointed to the general strategy of The United Bank to expand the provision of a variety of electronic payment programs to cover the needs of several segments of the community to include various programs pay public and private universities, as well as interest in government payments and small non-governmental through payment machines ATM Deployed in the governorates of Egypt and is expected to be activated before the end of this year.