Misr gets preliminary approval to launch first digital bank in Egypt

STARTUP VENTURE CAPITALMay 5, 2024 at 4:38 PM UTC

TLDR

The Central Bank of Egypt grants preliminary approval to Misr Digital Innovation (MDI) for Egypt's first digital bank, Onebank.
Onebank completes initial licensing phase for infrastructure, banking systems, and security measures.
Onebank expected to launch in Q4 2024 post second licensing phase and operational license acquisition.

The Central Bank of Egypt (CBE) has granted preliminary approval to Misr Digital Innovation (MDI) company to establish Egypt's first digital bank, Onebank.

The new bank has reportedly completed the initial phase of licensing procedures, which includes establishing infrastructure, banking systems, and security measures to ensure secure and reliable banking services.

Onebank is anticipated to be launched in the fourth quarter (Q4) of 2024, following the completion of the second phase of licensing procedures and the acquisition of the final operational license.

Key Takeaways

Digital banks, often referred to as neobanks, are challenging traditional banks worldwide, offering comparable banking services with a modern twist. The convenience of opening accounts with these neobanks and the speed of transactions make them increasingly attractive to consumers. As Onebank nears full approval, numerous banks and financial institutions in Egypt, including the National Bank of Egypt, Emirates NBD, Orascom Financial Holding (OFH), and Ostoul Securities Brokerage, have expressed interest in launching their digital banks. This trend reflects a growing recognition within the financial sector of the potential of digital banking to meet evolving consumer preferences and demands.

Central Bank of Egypt

Misr Digital Innovation

Banking

Neobank

Fintech

Onebank

National Bank of Egypt

Emirates NBD

Orascom Financial Holding

Ostoul Securities Brokerage

Financial Inclusion

Egypt