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Egypt to Launch First Ever Digital Bank

May 2, 2024
Image Credit: Exclusivo Egipto


Misr Digital Innovation (MDI), a subsidiary of banking giant Banque Misr, has secured preliminary approval from the Central Bank of Egypt (CBE) to launch Egypt’s first digital bank: onebank.

This step aims to further promote financial inclusion in Egypt, as onebank will operate entirely online, offering convenient and secure banking solutions to a wider segment of the population.

Unlike traditional banks that require branch visits, this completely online bank allows you to set up an account and conduct all your banking tasks online in just a few minutes.

MDI, established in 2020 specifically to develop this digital banking initiative, has undergone a rigorous assessment by the CBE, ensuring the bank’s infrastructure, security protocols, and systems meet the highest standards.

The official launch of onebank is expected in the last quarter of 2024, following the completion of the final stages of the approval process.

The digital bank’s arrival promises to reshape the banking landscape in Egypt, offering greater accessibility and fostering a more digitally-driven financial future for the country.

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