CBE Nods for Egypt's First Digital Bank
Onebank is anticipated to launch in the fourth quarter (Q4) of 2024.
The Central Bank of Egypt (CBE) has given preliminary approval to Misr Digital Innovation (MDI) company to establish Onebank, the country’s first digital lender.[1]
MDI was established in 2020 as a subsidiary of Banque Misr.
Onebank is set to promote financial inclusion by offering banking services and products via digital channels, addressing diverse customer needs, and contributing to the advancement of Egypt's financial sector.
The initial stage of the licensing process, which involved identifying the bank's systems, infrastructure, and associated security measures to guarantee that it could provide stable and secure financial services, has been completed by Onebank.
After completing the second phase of licensing procedures and acquiring the final operation license, Onebank is anticipated to launch in the fourth quarter (Q4) of 2024.