Egypt to open first digital bank later this year

Egypt to open first digital bank later this year

Misr Digital Innovation will open Egypt’s first digital bank towards the end of the year, as it looks to appeal to the North African’s country’s younger and unbanked demographic. MTI, a subsidiary of Banque Misr, is the first bank to have received approval to establish a digital bank by the Central Bank of Egypt (CBE) […]

Egypt to launch digital bank

First under new licensing rules

73% of Egyptians unbanked

Misr Digital Innovation will open Egypt’s first digital bank towards the end of the year, as it looks to appeal to the North African’s country’s younger and unbanked demographic.

MTI, a subsidiary of Banque Misr, is the first bank to have received approval to establish a digital bank by the Central Bank of Egypt (CBE) since it issued licensing regulations for companies wishing to apply last July.

The new bank will be called “onebank” and, according to its press release, will provide “a diverse range of banking solutions that contribute to the development of financial services in Egypt”.

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MTI was the first company to apply for a digital banking licence in August last year, when it announced that the new bank would have no branches and