Photo credit: Startup Scene
The Central Bank of Egypt (CBE) approved the transformation of Misr Digital Innovation (MDI) into onebank, Egypt’s first fully digital native bank, Egypt’s State Information Service said on 17 August. This transition enables onebank to offer financial services exclusively through digital channels and platforms.
MDI, founded in 2020 with Banque Misr as its main shareholder, will complete its transformation and officially launch onebank’s services to the public in 2026, pending final regulatory approval. The bank will operate under the regulations of the Central Bank of Egypt.
onebank aims to provide financial services accessible anytime and anywhere, emphasizing digital solutions intended to support Egypt’s broader digital economy and financial inclusion strategies. The bank intends to use technology that meets the demands of a digital-first environment.
Alongside the approval, onebank announced the formation of a new board comprising experts from diverse fields, including technology, law, investment, public policy, and innovation, tasked with overseeing the bank’s operations and strategic direction.
According to board chairman Khaled El Attar, the bank’s goal is to deliver user-friendly, secure financial products that cater to evolving customer needs.
The bank has had preliminary approval from the CBE since 2024, and a number of other Egyptian companies, among them Aman, MTN Halan, and more, have expressed interest in applying for digital banking licenses.
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