Egypt's State-Run e-finance, Nafeza Systems Aim to Streamline eInvoices, Customs
Newspaper Title: https://www.pymnts.com/
Newspaper Number:
Thursday - 7 October 2021
The Egyptian Ministry of Finance has said there are 3,000 companies that have joined the state-run e-invoice platform e-finance for Digital and Financial Investments, a report says.
The number of new sign-ups has had the effect of adding EGP 3.5 billion to government tax revenues. The Ministry of the Interior said the total amount due from tax evasion cases had reached EGP 23.54 billion.
The report notes e-finance has been a beneficiary of increased controls on tax evasion and higher taxes.
Also, e-finance is gearing up for an IPO.
The company will have an IPO indicative price range of EGP 12.50 – EGP 13.98 per share, a report says, with the final price announcement coming around Oct. 9 as a book-building process finishes.
According to unnamed sources, subscription for the retail offering will take place around Oct. 6 through the 13th, with trading expected to begin around Oct. 18.
The company will offer 257.78 million shares on EGX.
The price range reportedly implies the pre-money valuation range will be around EGP 20.0 billion to 22.4 billion.
And unnamed sources have said the company has “strong growth opportunities” during this coming period.
Everyone not signed up for the window for foreign trade facilitation won’t be allowed to release imported goods at seaports, per the report. That refers to Egypt’s state-run digital payments and FinTech company Nafeza, a trade facilitation system that acts as a singular port for import, export and transit operations, linking up Egypt’s trade ports.
PYMNTS has previously reported on the overall financial situation in Egypt, in which more than half – 57 percent – of the population lacks a traditional bank account.
The report cites Accion Venture Labs’ Ashley Lewis, who wants to make sure that financial inclusion remains a priority, and that “some of the foundational elements of inclusion, such as insurance, financial health, affordable lending and full-service platform offerings, should continue to be explored.”
