2007年-世界发展银行全球_Egyptian_National_Postal_Organization___Postal_Financial_Services_and_Access_to_Finance_37页_1mb

Summary of Egyptian National Postal Organization (ENPO) Postal Financial Services

Core Content

The document provides an overview of the postal financial services of the Egyptian National Postal Organization (ENPO), analyzing its legal, regulatory, and institutional background, current service offerings, retail network, and financial performance. It also explores the opportunities for ENPO to expand its financial services in line with the Government's broader financial inclusion goals.

Main Points

1. Overview of Postal Financial Services

• ENPO, with 48,000 employees, operates over 9,000 access points, of which 1,500 are currently active.
• ENPO is a commercial entity with management autonomy and provides basic financial services, including postal savings, current accounts, and payments.
• Postal financial services generate 50% to 70% of ENPO's total revenue and account for about 15% of its workforce.
• The legal framework (Law 16/1970 and Law 19/1982) is considered more enabling than restrictive, but there are concerns about fair competition due to state guarantees and tax exemptions.

2. Current Service Offerings

• Postal Savings:
  • Serves 15 million clients in 2006, representing about 30% of the adult population.
  • Minimum deposit is EGP 10, making it accessible to low-income households.
  • Savings deposits have grown significantly, with an increase of 325% between 2000 and 2006.
• Current Accounts / Giro Services:
  • Includes payments and pensions.
  • ENPO processes about 40 million pension disbursements annually, with 70% of total pensions distributed through ENPO.
• Payments and Money Transfers:
  • Includes postal money orders, postal cheques, and giro services.
  • The giro service is efficient, settling high-value transfers in 1-2 days.
  • There is potential for integration with the banking sector through initiatives like Giro-Nil.

3. Retail Network and Automation

• The retail network consists of 3,500 post offices and 6,500 agencies, with 1,500 currently active.
• Only 600 post offices are connected via dial-up, and a plan to connect the rest via ISDN is in progress.
• ENPO is rolling out or planning counter automation, ERP systems, and a data center to improve service delivery and efficiency.

4. Revenue Structure and Performance

• Financial Services Revenues:
  • Represented 63% of total revenues in 2005, up from 47% in 2001.
  • Average annual growth of financial services revenues was 25% between 2001 and 2005.
• Postal Savings Revenue:
  • Accounts for 64% of financial services revenue and 70% of total financial services revenue.
  • Postal savings deposits increased by 325% between 2000 and 2006.
• Other Revenue Streams:
  • Postal services (mail, parcels) account for 33% of total revenues in 2005.
  • Printing services and express services contribute a smaller share of total revenues.

5. Strategic Development and Opportunities

• The Government is prioritizing financial inclusion and access to finance, especially for low-income households and microenterprises.
• ENPO is well-positioned to expand its financial services due to its extensive retail network.
• Strategic options include creating a separate postbank or forming partnerships with financial institutions to enhance service offerings.
• ENPO needs to improve its capacity, including human resources, information systems, and cost structure analysis, to better compete and grow.

6. International Benchmarking

• International examples (Brazil, India, China, Namibia, Sri Lanka) show that postal financial services can play a significant role in financial inclusion.
• A common trend is the establishment of a postbank or similar entity to expand financial services beyond savings and transfers.

Key Information

• ENPO has a significant market share in postal savings and pension disbursements.
• Its services are popular among low-income households due to accessibility and security.
• The current legal and institutional framework supports ENPO but may need adjustments to ensure fair competition.
• ENPO's revenue growth is primarily driven by postal savings, with a strong potential for diversification.
• The retail network is extensive but requires better automation and integration.
• There is a need for ENPO to develop a more market-oriented approach and improve its cost structure and profitability analysis.

Strategic Recommendations

• Review and possibly reform the legal, regulatory, and institutional framework to ensure fair competition.
• Strengthen ENPO's capacity through training and modernization of information systems.
• Identify postal financial services as a distinct business unit and assess its profitability.
• Explore partnerships with financial institutions to expand service offerings.
• Focus on capturing remittance flows through postal savings and payment accounts.
• Implement a cost analysis to optimize tariffs and improve financial performance.