Picture credit score: Startup Scene
The Central Financial institution of Egypt (CBE) permitted the transformation of Misr Digital Innovation (MDI) into onebank, Egypt’s first totally digital native financial institution, Egypt’s State Information Service stated on 17 August. This transition permits onebank to supply monetary providers solely by digital channels and platforms.
MDI, based in 2020 with Banque Misr as its principal shareholder, will full its transformation and formally launch onebank’s providers to the general public in 2026, pending ultimate regulatory approval. The financial institution will function beneath the rules of the Central Financial institution of Egypt.
onebank aims to supply monetary providers accessible anytime and anyplace, emphasizing digital options meant to help Egypt’s broader digital financial system and monetary inclusion methods. The financial institution intends to make use of expertise that meets the calls for of a digital-first atmosphere.
Alongside the approval, onebank introduced the formation of a brand new board comprising consultants from various fields, together with expertise, legislation, funding, public coverage, and innovation, tasked with overseeing the financial institution’s operations and strategic course.
In line with board chairman Khaled El Attar, the financial institution’s purpose is to ship user-friendly, safe monetary merchandise that cater to evolving buyer wants.
The financial institution has had preliminary approval from the CBE since 2024, and a lot of different Egyptian firms, amongst them Aman, MTN Halan, and extra, have expressed curiosity in making use of for digital banking licenses.