For the First Time in Egypt: Approval Granted to Establish the First Egyptian Digital Bank
The Board of Directors of the Central Bank of Egypt has approved the launch of the first digital bank in Egypt by Misr Digital Innovation Company, and the company announced today the name of the digital bank to be launched: “onebank”.
The company confirmed in a press release that it has obtained the preliminary approval from the Central Bank of Egypt,
which represents the first phase of the licensing procedures, which include due diligence regarding the infrastructure
and the bank's systems and their security, in order to ensure the bank's ability to provide banking services in a stable and secure manner to customers.
Misr Digital Innovation Company is one of Banque Misr's subsidiaries, and it is the largest shareholder in the company.
The company was established in 2020 with the aim of creating the first digital bank in accordance with the regulations and instructions issued by the Central Bank of Egypt.
“onebank” aims to promote financial inclusion by facilitating access to banking services and products through digital channels.
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“onebank” seeks to offer a diverse range of solutions that contribute to developing banking services in Egypt and delivering customized products that suit customers' lifestyles through the use of advanced technology.
“onebank” is considered a significant addition, as banking services will be provided in a digital manner that meets the needs of all customers,
by identifying target segments and providing products through the digital bank, including IT and cybersecurity strategies.
The current financial market demands require digital banks that provide all services and transactions online and need continuous development. This is exactly what “onebank” strives to achieve,
offering services that are aligned with the country's drive toward financial inclusion and digital transformation, as well as being the natural evolution of banking services.
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“onebank” is expected to begin offering its services within the next few months after completing the necessary licensing procedures. The expected digital bank services will include opening bank accounts, conducting payment and financial transfer operations, managing digital payments, and obtaining loans and other financing products. These services will be provided through mobile applications and the digital bank's website.
The digital bank is expected to play an important role in promoting financial technology and developing the digital infrastructure in Egypt. The digital bank can also contribute to improving the customer experience and providing innovative and cost-effective banking services.
In the long term, the scope of the digital bank's services may be expanded to include more financial services such as insurance, investment, and financial planning. The digital bank is expected to have a positive impact on the banking sector and the Egyptian economy in general by promoting financial inclusion and stimulating innovation in banking services.
Banque Misr Obtains the First Digital Bank License in Egypt
Banque Misr is one of the leading banks in Egypt, and its subsidiary, Misr Digital Innovation Company, submitted an application to obtain a license to establish the first digital bank in the country. The company was granted preliminary approval by the Board of Directors of the Central Bank of Egypt to begin the licensing process.
The authorized capital of the digital bank has been set at 2.5 billion Egyptian pounds, with a paid-up capital of 2 billion Egyptian pounds. Reports have also indicated that Banque Misr is receiving offers from foreign partners to participate in the establishment and support of the digital bank.
This step aims to promote financial inclusion in Egypt and provide advanced digital banking services to customers. The digital bank is expected to offer various services such as opening bank accounts, conducting payment and financial transfer operations, and managing digital payments.
This announcement is considered an important step in developing the banking sector in Egypt and achieving digital transformation in financial services. By using advanced technology, the digital bank will be able to meet customer needs and provide a seamless and innovative banking experience.
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