(AFP Photo)
The E-Finance Company for Technology of operating financial institutions signed a mutual cooperation agreement with the Mortgage Finance Fund (MFF) to make available e-collection of its fees. 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.
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.
Abdel Hamid said that the MFF’s 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.
“There are lots of advantages behind this service such as the easy and quick inquiry, application, and payments made through various collection means that fit different needs,” said Abel Hamid.
The agreement will allow the service’s 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.
According to E-Finance Chairman Ibrahim Sarhan, the company is experienced enough to offer such services to MFF beneficiaries and relieve them from the burden. This will occur by offering all financial services from inquiring about due fees using citizens’ national ID numbers and printing the inquiry’s result to be viewed before the payment process. The company is also modernising the MFF’s database in accordance with the agreement, after the payment process regardless of payment method used.
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.
According to Sarhan, the company will provide telephone query service for citizens dealing with MFF to know how and where to pay, what documents are required and the status of payments by.
