In order to foster financial technology and innovation in Egypt's banking sector, the country's central bank has given initial approval to Misr digital Innovation (MDI), a subsidiary of Banque Misr, to establish the country's first wholly digital bank.
This comes after the Central Bank of Egypt (CBE) gave preliminary clearance in May last year, marking the end of the initial phase, which included due diligence on the infrastructure, banking systems, and cybersecurity protocols.
Daily News Egypt, a local publication, reports that the digital bank, Onebank, is preparing to roll out its products and services in 2026, marking a new chapter for Egypt’s financial landscape.
MDI was founded in 2020 to develop the first digital bank in compliance with the CBE's directives and rules. Onebank intends to promote financial inclusion by providing banking services and products smoothly through its digital channels.
Khaled El Attar, former vice minister of Digital Transformation, Automation, and Administrative Development at the Ministry of Communications and Information Technology, has been appointed chairperson, and the board of directors includes global leaders in technology, law, investment, public policy, and innovation.
According to MDI, the various knowledge will contribute to Onebank's aim of expanding financial inclusion and accelerating the country's digital transformation.
Furthermore, the digital bank will eliminate the need for physical branches, supporting the country's digital transformation goals and increasing financial inclusion.
Sherif El-Behiry, CEO and managing director of MDI, stated that the new bank aims to redefine the future of banking in Egypt.
He said: “We are not just introducing a new digital bank; we are redefining the future of banking in Egypt. Our board brings a wealth of experience and strategic vision that empowers us to deliver innovative financial solutions aligned with the evolving aspirations of Egyptian consumers.”
El Attar added: “A new beginning in Egypt’s financial history and a pivotal step in embedding digital transformation into the national economy. Our mission is clear: to deliver smarter, more inclusive, and seamless banking services that are accessible to every Egyptian citizen.”
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