CBE approves launch of Egypt’s first digital bank

Misr Digital Innovation, a subsidiary of Banque Misr, has received preliminary approval from the Central Bank of Egypt to launch the country’s first native digital bank, onebank.

Digital banks are influenced by the recent technological innovations of artificial intelligence, encryption and big data analytics, enhancing banking functions for customers. onebank will provide customers with fully digitalised banking services, with 24/7 online availability.

The 24/7 online availability of digital banking allows customers access to their accounts at any time and place, and allows lower banking fees due to the lack of physical offices and infrastructure.

The legal processes for the licencing and establishment of digital banks in Egypt are governed by Law No. 194 of 2020. The law stipulates that digital banks in the country must have a minimum paid up capital of EGP 2 billion, and that the largest shareholder in the bank must be a financial institution which holds at least 30% of the capital.