Launch of One Bank: Egypt’s First Native Digital Bank by Misr Digital Innovation

Misr Digital Innovation, the investment arm of Banque Misr, has received approval from the Central Bank of Egypt to launch One Bank, the country’s first native digital bank. This groundbreaking development signals a new era in Egypt’s banking sector, as it embraces cutting-edge technologies to revolutionize the way banking services are delivered to customers.

One Bank, a digital-only subsidiary of Banque Misr, is set to offer fully digitalized banking services, providing customers with round-the-clock online access to their accounts. By eliminating the need for physical branches and associated infrastructure costs, this digital approach is expected to reduce banking fees and enhance convenience for customers.

The legal framework for the licensing and establishment of digital banks in Egypt, outlined in Law No. 192 of 2020, sets stringent requirements for capitalization and ownership structure. With a minimum paid-up capital of EGP 2 billion and a mandate for a financial institution to hold at least 30% of the capital, digital banks like One Bank are backed by substantial financial stability.

The launch of One Bank comes in response to the increasing demand for digital banking solutions, driven by rapid technological advancements and evolving consumer preferences. By leveraging technologies such as artificial intelligence, encryption, and big data analytics, digital banks provide secure, efficient, and user-friendly banking experiences for customers.

The approval from the Central Bank of Egypt reflects a broader push towards digital transformation within the country’s financial sector. By facilitating the launch of digital banks like One Bank, Egypt aims to enhance financial inclusion, improve customer experience, and streamline banking operations.

Banque Misr, a prominent player in Egypt’s banking industry, is spearheading the digital revolution with the launch of One Bank. This move is expected to attract tech-savvy customers seeking more convenient and cost-effective banking solutions, while also aligning with Egypt’s broader economic goals of promoting financial technology (fintech) and innovation.

Overall, the introduction of One Bank marks a significant milestone in Egypt’s banking sector, paving the way for a more digitalized and customer-centric approach to banking services.