Egypt Launches Its First Ever Digital Bank: A Milestone in Financial Inclusion

In a significant leap toward modernizing its banking sector, Misr Digital Innovation (MDI), a subsidiary of the renowned Banque Misr, has secured preliminary approval from the Central Bank of Egypt (CBE) to launch Egypt’s first fully digital bank: onebank. This groundbreaking initiative aims to promote financial inclusion by offering convenient and secure banking solutions to a wider segment of the population.

Unlike traditional brick-and-mortar banks that require physical branch visits, onebank operates entirely online. Customers can set up an account and conduct all their banking tasks seamlessly through digital channels. Whether it’s transferring funds, checking balances, or applying for loans, onebank provides a user-friendly experience accessible from anywhere and at any time. Established in 2020 with a specific focus on digital banking, MDI underwent a rigorous assessment by the CBE. The evaluation ensured that onebank’s infrastructure, security protocols, and systems meet the highest standards. As a result, the official launch of onebank is anticipated in the last quarter of 2024, pending the completion of the final stages of the approval process.

The arrival of onebank promises to reshape Egypt’s banking landscape. By eliminating geographical barriers and streamlining financial services, it fosters a more digitally-driven future for the country. Financial inclusion becomes a reality as more Egyptians gain access to banking services without the need for physical branches. MDI’s vision aligns with the global trend toward digital transformation in banking. With onebank, Egyptians will have instant access to their finances, empowering them to manage their money efficiently. Whether they’re in bustling cities or remote villages, the convenience of digital banking will enhance their financial well-being.

As Egypt embraces the digital era, onebank stands as a beacon of progress. Its launch represents not only a milestone for the nation but also a testament to the power of innovation in fostering financial inclusion. With onebank, Egypt takes a bold step toward a more accessible and interconnected financial ecosystem.