Banque Misr's MDI applies for 1st digital bank operation license

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Misr Digital Innovation (MDI), a subsidiary of Banque Misr, has submitted an application form to obtain a license to operate the first digital bank in Egypt, as per an emailed press release.

The move aligns with the rules for licensing, registering, monitoring, and supervising digital banks that the Central Bank of Egypt (CBE) announced in July, the company said.

The company has submitted an integrated file, including a detailed feasibility study, information technology (IT) plans, and cybersecurity plans and strategies.

The license issuance is pending the CBE’s approval after reviewing the file as well as assessing the digital bank’s app and the services that will be offered.

The CBE’s review is set to be completed within the upcoming months.

The company noted that the digital bank has no branches and customers can open an account within minutes by uploading official documents via their mobile phones.

Moreover, they can deposit cash in different ways and make payments via credit cards or mobile phones.