The Central Bank of Egypt agreed to grant the Misr Digital Innovation Company, affiliated with the Bank of Egypt, initial approval to launch the first digital bank in Egypt.
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.
