EGYPT – The Central Bank of Egypt has granted the Misr Digital Innovation Company, affiliated with the Bank of Egypt, initial approval to launch the first digital bank in Egypt.
This milestone marks a pivotal moment in Egypt’s financial landscape, ushering in a new era of digital banking services.
Misr Digital Innovation Company (MDI) said that the new bank named “One Bank” has completed the first stage of licensing procedures, which included determining the bank’s infrastructure and systems and the security of those systems, to ensure the bank’s ability to provide banking services to customers stably and securely.
The company was established in 2020 to establish the first digital bank under the regulating rules and instructions issued by the Central Bank of Egypt. The new bank aims to enhance financial inclusion by facilitating access to banking services and products through the bank’s digital channels.
One Bank seeks to provide a variety of solutions that lead to the development of banking services in Egypt. The bank will use advanced technological techniques to customize products to match customers’ lifestyles.
One Bank is scheduled to launch in the last quarter of 2024 after completing the second phase of licensing procedures and obtaining the final operating license
Sharif al-Behairy, the CEO of Misr Digital Innovation, emphasized the imperative nature of digital banking solutions in the current market landscape.
Speaking during a CEO session themed “Year of Recovery” in 2024, al-Behairy underscored the strategic vision behind the establishment of Egypt’s first digital bank.
He highlighted the ambition of Banque Misr’s management to spearhead the digital banking revolution in Egypt, positioning the institution as a trailblazer in the country’s financial sector.
Al-Behairy articulated the pivotal role of technological advancement in bolstering the Egyptian economy. By embracing digital transformation and delivering innovative digital services to customers, Banque Misr aims to catalyze economic growth and foster financial inclusion across the nation.
As Egypt embarks on its digital banking journey with the launch of Banque Misr’s digital platform, the banking landscape stands poised for transformation.
With a commitment to technological innovation and customer-centric solutions, Banque Misr’s foray into digital banking heralds a new era of financial services in Egypt, empowering individuals and businesses alike in the digital age.
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