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Egypt Post achieves financial surplus of EGP 2.1bn in FY 2019/20 Authority has largest share in plastic card production market, with 8 million Visa cards, 4 million Meeza cards
The Egypt Post achieved a financial surplus of EGP 2.1bn in the last fiscal year (FY) 2019/20, according to the Ministry of Communications and Information Technology. A recent report published by the ministry indicated that there are now over 4,000 post offices in Egypt, with the authority boasting a total of 43 logistics and operations centres. The authority owns about 700 automatic teller machines (ATMs), in addition to about 13,000 points of sale (POS) distributed at various offices and postal kiosks. The report added that the number of remittance transfers that took place through post offices during the year 2020 was about 24.54 million, with a value exceeding EGP 60.2bn. In statements earlier this week, Egypt Post Chairperson Sherif Farouk said, last November, that the authority had reduced the interest rates on its savings accounts to 7.75% instead of 8.5%. Despite this, the rate of return granted to savings fund customers is still the highest return rate for similar products in the banking market. He added that the total customer deposits in the authority exceeded EGP 210bn, while the total savings accounts reached EGP 170bn as of last March. Farouk pointed to the importance of the decision to reduce interest on savings accounts last November to reduce project financing costs. This would contribute significantly to improving economic indicators and increasing investment, thus pushing the wheel of development and helping to maximise economic indicators. The authority has the largest share in the plastic card production market, with a total of 8 million Visa cards, and 4 million Meeza cards.
